The EB-5 Program allows for foreign investors to have stakes in US developments while also reducing costs for US developers and helping to create regional jobs. So far, $3.7B has streamed into major US cities, such as NYC and San Francisco. "EB-5 is an alternative source of funding for good projects and to create more jobs quicker," US Immigration Fund VP Nicholas Mastroianni tells Bisnow. "It allows them to free up capital to do more projects." Here are 11 of the largest and most important projects funded by EB-5 in the country.
1. Hudson Yards, New York
Funds raised: $600M
Developer: Related Cos
Size: 17M SF
Manhattan's massive mixed-use Hudson Yards project broke records when Related raised $600M from Chinese investors for its over $20B price tag. The company has raised more than $800M in EB-5 money in total, controlling about one-third of the country's entire EB-5 market. "It's a very critical part of the puzzle," CEO Jeff Blau says. "It's so big, there's not enough capital from any one traditional source."
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