Rendering of The Civic, 1600-1650 W. Girard Avenue, Philadelphia, PA
PHILADELPHIA, PA—CanAm Capital Partners, an affiliate of CanAm Enterprises, has closed its third private equity investment deal, a $4 million investment in the development of The Civic, a mixed-use property in Philadelphia with a project budget of approximately $26.8 million.
“Many of CanAm's investors have been looking for new investment opportunities after their EB-5 investments are repaid,” says John Reid, director of project development at CanAm Capital Partners. “We are excited to build on our 30 years of experience and offer unique investment opportunities that produce highly attractive risk-adjusted returns to our investors beyond the EB-5 program.”
CACP's investors may be eligible for preferential tax treatment as The Civic is in an Opportunity Zone within central Philadelphia. Developed, owned and managed by Philadelphia real estate development veteran MMPartners, The Civic will embrace the original fabric of both the building and neighborhood while providing extraordinary amenities, convenient access to transportation and stylish design that all caters to the needs of millennials.
The Civic investment is offered together with CanAm's long-time partner, the Philadelphia Industrial Development Corporation, Philadelphia's city-wide economic development corporation, which has 60 years of experience. CanAm has partnered with PIDC in the EB-5 program for 16 years.
With more has more than 30 years of experience, CanAm Enterprises has raised and invested more than $2.8 billion since inception.
According to CanAm's website, the EB-5 Visa is an employment-based immigrant visa category that provides permanent resident status in the United States. Foreign nationals who make an investment of $500,000 or $1 million in a new commercial enterprise in a designated Targeted Employment Area that creates at least ten new jobs for US workers can obtain residency in the US. Once the job creation requirement is met, the conditions are removed and investors obtain unconditional permanent residency.
In response to demand from investors seeking new investment opportunities with attractive risk-adjusted returns, CanAm established CanAm Capital Partners to provide select private investment opportunities focused on geographies and assets where CanAm has informational, operational and other competitive advantages.
CACP makes project-level capital investments with an average 3-5 year holding period and generally target a +10% annual internal rate of return combined with cash distribution upon stabilization.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
