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Moinian Selects Regional Center for 3 Hudson Boulevard EB-5 Funding

George Washington Immigration Group will provide $250 million to $350 million in EB-5 funding for the Hudson Yards development.

By Betsy Kim | Updated on February 09, 2018
3 Hudson Blvd. rendering Rendering of 3 Hudson Boulevard/ Photo credit: FXFOWLE

NEW YORK CITY—The Moinian Group has selected George Washington Immigration Group, LLC, as its EB-5 regional center to provide between $250 million and $350 million in EB-5 funding for 3 Hudson Boulevard.

Congress created the EB-5 Immigrant Investor Visa Program with the Immigration Act of 1990. Investors can become lawful permanent residents by investing at least $1,000,000 or $500,000 in targeted employment areas, to finance a business in the US that will employ a minimum of 10 American workers.

People can invest individually or through regional centers which create large investment pools. US Citizenship and Immigration Services designates EB-5 regional centers which sponsor projects for investments by EB-5 investors. Paid by commissions, these centers connect foreign investors with developers. They are often recommended for investors more concerned with obtaining a US green card as opposed to personally and directly managing an investment.

The USCIS website says as of Feb. 5, there are 898 approved regional centers.

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