Financing

U.S. Immigration Fund has paired with New York developer The Durst Organization to fund 855 Avenue of the Americas, a 41-story, residential-focused mixed-use development that spans the entire western block of 6th Avenue between West 30th and West 31st Streets. The iconic glass and steel building will feature cutting edge green technology designed to optimize rental revenue by appealing to high end, lifestyle oriented residents and tenants. The project funding structure is very clear and ensures the EB-5 funds will be released with the Senior Loan and will be used specifically for the construction of the project. EB-5 funding accounts for only 19% of the entire project. The total project cost is $420 million – with Developer Equity of $80 million, Senior Loan and Bonds of $259 million, Operating Income of $1.0 million and EB-5 Loan of $80 million. The project requires a projected amount of $267 million to complete construction, which includes approximately $181.1 million of projected “hard” construction costs and approximately $88.6 million in projected soft construction costs, financing expenses and other costs. The $80 million Loan to be provided by the Funding Company (proceeds derived from the EB-5 investors) will be used solely for project construction hard costs or qualified soft costs.