Philadelphia Project returns $50 million in EB-5 capital
New York NY — CanAm Enterprises (“CanAm”), an industry leader for immigration-linked investments for 35 years, today announced that it has reached a new milestone: The 50th CanAm EB-5 project to fully return capital.
The new milestone comes as CanAm commemorates the 20th year of partnership with the Philadelphia Industrial Development Corporation (PIDC). CanAm and PIDC formed the first Regional Center – CanAm PIDC Regional Center – in Philadelphia. To date, the CanAm PIDC Regional Center has funded $715 million in EB-5 capital for over 30 diverse projects, ranging from life science labs, the Pennsylvania Convention Center, to the transformation of the Philadelphia Navy Yard, with a total capitalization of approximately $2.5 billion, creating more than 20,000 jobs for U.S. workers. In 2018, 100 CanAm investors invested $50 million to help a Philadelphia-based company modernize its operations – an EB-5 loan repayment made in full on June 20.
“We’re deeply grateful to the PIDC for its partnership and to investor families who entrust CanAm with their immigration journey,” said Tom Rosenfeld, CanAm President and CEO. “There’s nothing more gratifying than to reward EB- investors’ trust by returning their capital from a successful EB-5 project.”
Rosenfeld noted that it’s fitting for the 50th EB-5 repayment to be from a project in Philadelphia, where his own family and CanAm as a company are deeply rooted. “Our formula of success is simple: A prudent approach in selecting reliable partners, delivering quality projects, and ensuring complete transparency in service to our investors,” Mr. Rosenfeld added.
“As Philadelphia’s economic development corporation, PIDC has a unique understanding of the business ecosystem in Philadelphia and of the financing needs of the many companies that are seeking to build on the city’s success, create jobs and bring inclusive growth to the region,” said Jodie Harris, President of PIDC. “EB-5 has been an integral financing tool behind some of Philadelphia’s best economic success stories, and we’re very pleased to see investors share in this success through a return of their investment and completing their immigration journey through the EB-5 program.”
Rosenfeld said the CanAm and the PIDC are continually focused on identifying quality projects that will add economic value, deliver the best chances of repayment success and leverage Philadelphia’s strengths as a robust labor market and national commerce hub. On the same theme, CanAm is currently working with an experienced development and equity group to transform the single-largest development site in Philadelphia into a mega logistic, life science and innovation campus.
“CanAm’s 50th repayment to investors isn’t just a milestone – it’s a benchmark for how CanAm is setting the gold standard for the industry. We are excited about pursuing new frontiers and bold projects that transform properties, reward investors and exemplify the vision of EB-5. CanAm’s investors are a big part of Philadelphia economic progress to date, and together we can write the next chapter of the city’s success story.” Rosenfeld said.
CanAm Enterprises, with over three decades of experience promoting immigration-linked investments in the US and Canada, has a demonstrated track record of success. With over 60 financed projects and $3 billion in raised EB-5 investments, CanAm has earned a reputation for credibility and trust. To date, CanAm has repaid more than $2.26 billion in EB-5 capital from over 4,530 families. CanAm manages several USCIS-designated regional centers that stretch across multiple states. For more information, please visit www.canamenterprises.com.