Berman: “We are seeing incredible demand for this type of financing from property developers nationwide.”
NEW YORK CITY—Greystone’s EB-5 practice has received Regional Center approval for the Northeastern Unites States from the US Citizenship and Immigration Services. The designation, granted under the Immigration Investor Program, expands Greystone’s presence to 15 states along the nation’s Eastern seaboard.
The private real estate lending, investment and advisory firm has USCIS-approved Regional Centers in Connecticut, Delaware, Florida, Georgia, New Hampshire, North Carolina, Maryland, Massachusetts, New Jersey, New York, Pennsylvania, Rhode Island, South Carolina, Virginia, Washington DC. Greystone also has pending Regional Centers in California and Nevada. Underscoring the group’s expertise, Greystone received project approval on the first exemplar filing that it submitted to the USCIS.
To support the growing foreign investor outreach of the company’s EB-5 lending efforts, Greystone also has expanded its presence in China to include offices in Shanghai, Shenzhen, and soon, Beijing. The company is sourcing $62 million in EB-5 capital and has an additional $195 million in EB-5 financing in its pipeline across key cities including New York City, Los Angeles and Seattle.
Greystone’s EB-5 project at 158 E. 126th St. here, in Harlem, is a 233-unit “80/20” mixed-income multifamily building being developed by an affiliate of Blumenfeld Development Group. The new construction rental property is the first HFA bond-financed multifamily project with senior financing provided by a national insurance company, which was arranged by The Greystone Bassuk Group. Greystone EB-5 is currently raising $25 million in EB-5 mezzanine financing to replace a portion of the initial project equity.
“While the future of the EB-5 program may remain unknown, we are seeing incredible demand for this type of financing from property developers nationwide,” reveals Allison Berman, head of Greystone’s EB-5 group. “With construction financing increasingly difficult to secure, EB-5 serves as a critical vehicle to help fill the financing gap and enable a project to get off the ground, while helping to create jobs within the United States.”
She continues, “With Greystone’s reputation as a full-service institutional real estate lender, investor and advisory company, foreign investors can feel secure in their investment choice and in the knowledge that they are creating jobs and contributing to the completion of a beautiful, operational piece of property that will come to completion and make an impact on local economies for decades.”