EB-5-loan in Targeted Employment Area (TEA) supports a dual hub for logistics & life sciences
Philadelphia, PA – With shovels in hand and thousands of jobs waiting on the wings, CanAm Enterprises (“CanAm”) joined its EB-5 project sponsor, business leaders, and government dignitaries to break ground on a modern, sustainable multi-modal dual hub for logistics facilities and a life sciences and innovation campus in Philadelphia.
As a TEA project, EB-5 applicants qualify for the lower capital EB-5 investment of $800,000. Immigrant investors who are already in the U.S. lawfully on another visa may be eligible to access immediate green card benefits by changing their status and concurrently submitting a petition to participate in this TEA project.
“This project is emblematic of the EB-5 program’s power to transform properties and local economies while creating thousands of 21st-century jobs,” said Tom Rosenfeld, CanAm President and CEO. “This project opens vast new rental space to meet the city’s appetite for logistics and life sciences. CanAm investors are literally laying the groundwork for a much larger re-imagining of this strategic and valuable tract of Philadelphia property,” Rosenfeld said, noting that the project site is in close proximity to the Port of Philadelphia, Philadelphia International Airport, and the Philadelphia Navy Yard, and has direct access to Interstates I-76 and I-95.
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.