CanAm Enterprises (CanAm) is pleased to announce the grand opening of the SORA West office tower in Conshohocken, Pa. The 429.000 sq. ft. facility will serve as the global headquarters of healthcare company AmerisourceBergen, which currently ranks among the top 10 Fortune 100 companies. The state-of-the-art building features tech-enabled conference and business centers, a fitness center and an onsite café. CanAm provided $39.5 million in EB-financing for the construction loan on the project.
“The AmerisourceBergen headquarters is a great example of our strategy to safeguard EB-5 investor capital by investing in what we considered the best-in-class projects,” said Tom Rosenfeld, President and CEO at CanAm Enterprises. “Employers across the globe are announcing return-to-office programs and the grand opening of the SORA West office tower indicates the strong economic growth in the commercial real estate market in Philadelphia.”
The SORA West EB-5 project officially received its Form 1-924 exemplar approval in September 2020, which was following shortly thereafter by USCIS approval of the first investor I-526 Petition. The I-526 Petition approval validates the EB-5 project’s feasibility and anticipated satisfaction of the job creation requirement by USCIS.
The AmerisourceBergen headquarters building is part of SORA West, a $325 million mixed-use project being developed by Keystone Property Group. Additional plans for SORA West include a 127-room hotel with a rooftop bar and lounge, public plaza, two new restaurants and a 1,500-space parking garage. CanAm also has provided a $27 million loan to finance the construction of the hotel, which will be branded as the Tapestry Collection by Hilton.
“It is exciting to see this dynamic development take shape, first with a world-class anchor such as AmerisourceBergen and now with the construction of a new Tapestry Collection by Hilton,” added Rosenfeld, “SORE West is a great addition to the Philadelphia market, and we are very pleased to have provide key financing to help bring it to fruition.”
About the EB-5 Program
The EB-5 Immigrant Investor Program is administered by the United States Citizenship and Immigration Services (USCIS). The Program provides qualified foreign investors with the opportunity to earn “conditional” or temporary two-year visas in return for investing $500,000 in businesses located in high unemployment areas that create or retain at least ten permanent full-time jobs for U.S. workers.
