CanAm Enterprises (“CanAm”) is pleased to announce that it has reached a major industry-leading milestone with the repayment of $2 billion in EB-5 capital. Collectively, the proceeds of the EB-5 loans were invested into 46 different real estate and infrastructure projects on behalf of more than 4,000 investor-families.
“For 35 years, CanAm has sought to build the best track record in the immigration investment industry. We know what an important milestone it is for an EB-5 investor to have his or her EB-5 investment repay. We believe that having reached the important threshold of $2 billion in EB-5 repayments not only reinforces our leadership position in the industry but reaffirms our strong commitment to make decisions that first consider the best interests of our clients,” said Tom Rosenfeld, President and CEO of CanAm.
One of the cornerstones of CanAm’s success is to invest in what we consider to be best-in-class projects led by prominent developers. Two notable projects that have come full circle were spearheaded by the renowned development firm Tishman Speyer.
• CanAm provided $153 million in EB-5 capital for a 1.2 million-square-foot mixed-use complex named the Jacx in Long Island City, New York. The project is now 100% complete and fully stabilized with office space that was 98% leased as of May 2021.
• CanAm provided $75 million in EB-5 capital for the repositioning and redevelopment of an existing Macy’s building into a Class-A office building. The Wheeler is located in downtown Brooklyn, New York. The anchor tenant, St. Joseph’s School, will occupy the lower 5 floors of the building with build-out of their space currently underway.
“Although the COVID-19 pandemic created disruptions to many New York real estate projects, Tishman Speyer was able to draw on its deep experience and industry relationships to not only bring projects to fruition, but also generate strong leasing activity and tenant commitments,” added Rosenfeld. “These two projects are both excellent examples of the caliber of projects that we aim to bring to our EB-5 investor community.”
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 $800,000 in businesses located in Targeted Employment Areas that create at least ten full-time jobs for U.S. workers.