New York City Regional Center Announces Repayment of $60 million EB-5 Loan in its Brooklyn Navy Yard Phase I Project
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The New York City Regional Center (“NYCRC”) is pleased to announce the full repayment of the $60 million EB-5 loan in its Brooklyn Navy Yard Phase I Project. The borrower of the EB-5 capital was the Brooklyn Navy Yard Development Corporation. All 120 EB-5 investors are receiving full repayment of their $500,000 investment. The $60 million EB-5 investment and resulting job creation enabled 359 individuals (EB-5 investors and family members) to receive permanent green cards under the EB-5 Immigrant Investor Program. They are among the more than 2,400 individuals that have received permanent green cards through NYCRC projects to date.
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The $60 million of EB-5 capital helped fund a key phase of redevelopment at the Brooklyn Navy Yard, the New York City government-owned industrial park. EB-5 capital assisted the transformation of a 215,000 square foot industrial building into New York City’s leading hub for green manufacturing and sustainable design. EB-5 capital was also used to assist with surrounding infrastructure improvements in the Brooklyn Navy Yard.