EB-5 investors supported key piece of $400 million West Campus redevelopment in New Jersey’s second-largest city

New York, NY – CanAm Enterprises (“CanAm”) is delighted to announce the full repayment of its 51st EB-5 project, which is a two-building housing complex on the West Campus of New Jersey City University (“NJCU”). This repayment is the 51st in CanAm’s history and brings CanAm’s total EB-5 capital repayments to $2.26 billion.

Funded, in part, by a $22.5 million CanAm EB-5 loan, the mixed-use project consists of two residential buildings – Cityline West on University Place and Cityline East on Carbon Place — and approximately 10,000 square feet of space for retail, together with two structured parking facilities. Approved by the New Jersey Economic Development Authority (“NJEDA”), the project was completed in conjunction with a larger redevelopment plan for NJCU known as University Place – a public-private transformative revitalization and expansion of NJCU’s West Campus into an urban village. Both EB-5-funded buildings have maintained robust occupancy since the commencement of leasing at Cityline West in late 2019.

First established in 1927, NJCU serves nearly 8,000 students in 47 undergraduate and 30 graduate programs in wide-ranging fields including education, business, the fine and performing arts, the sciences, health, and the humanities.  The EB-5 project helps the University address the demand for quality housing, has exceeded its original goal of creating 450 U.S. jobs, and has met all USCIS requirements for processing investors’ applications for permanent U.S. residency (I-829 forms.)

“CanAm remains focused on delivering high-quality project offerings that make it possible for our EB-5 investors to get their green cards while giving them the best chances of repayment success,” said Tom Rosenfeld, CanAm President and CEO, noting that CanAm achieved its milestone 50th repayment just three months ago. “We are pleased to work with well-established developers like PRC and its affiliates to provide much-needed housing for universities and colleges in this area, create new jobs and meet the immigration and investment goals of our investors and their families.” Rosenfeld said.