CanAm Enterprises (“CanAm”) is pleased to announce that USCIS has approved the first I-526 petition for the New Jersey City University (NJCU) West Campus project (the “NJCU Project”) .
CanAm’s $22.5 million EB-5 loan to the NJCU Project is part of the $400 million West Campus Redevelopment Plan approved by the New Jersey Economic Development Authority. The redevelopment plan consists of developing two residential buildings, University Place Apartments and the Carbon Place Apartments, and approximately 10,000 square feet of retail space. It is being developed by PRC Group, a developer specializing in university campus housing and other multifamily projects since its founding nearly 60 years ago. Leasing started in mid-September 2019 and the first tenants moved in November 2019.
Jersey City is the second most populous city in the state and is one of the fastest growing regions, with an annual growth rate of 9.2 percent. Jersey City’s proximity to New York City has also contributed to its real estate development. Transportation is readily available with a 24-hour PATH Train service, the NY/NJ Waterway, the Hudson-Bergen Light Rail system and major highways such as the New Jersey Turnpike.
“We are pleased to work with NJCU and PRC Group to provide much-needed housing in this area,” says Tom Rosenfeld, President and CEO of CanAm Enterprises. “This project not only provides a social benefit, but also meets our investment mandate to fund secure, job-creating projects on behalf of our investors.”
With three decades of experience promoting immigration-linked investments in the United States and Canada, CanAm has a long and established track record. Basing its business on a reputation of credibility and trust, CanAm has financed 61 projects and raised nearly $3 billion in EB-5 investments. More than $1.4 billion in EB-5 capital from over 2,800 families have been repaid by CanAm’s 41 projects to date. CanAm exclusively operates seven USCIS-designated regional centers that are located in the city of Philadelphia, the Commonwealth of Pennsylvania, the metropolitan regions of New York & New Jersey, the states of California, Hawaii, Florida, and Texas. For more information, please visit www.canamenterprises.com.