Photo of Jersey City by Shutterstock
JERSEY CITY, NJ—Federal immigration officials have signed off on $22.5 million in foreign loans to support developer PRC Group's $400 million redevelopment plan for the West Campus of New Jersey City University.
Financer CanAm Enterprises announced that US Citizenship and Immigration Services had approved the first I-526 petition for the project, which involves two residential buildings and 10,000 square feet of commercial space.
"We are pleased to work with NJCU and PRC Group to provide much-needed housing in this area," Tom Rosenfeld, President and CEO of CanAm Enterprises, said in a statement. "This project not only provides a social benefit, but also meets our investment mandate to fund secure, job-creating projects on behalf of our investors."
The petition approval is a key step for securing funding under the EB-5 Immigrant Investor Program. The EB-5 Program provides qualified foreign investors with the opportunity to earn a conditional, or temporary, two-year green card in return for investing $900,000 in projects located in high unemployment areas that create at least 10 permanent full-time jobs for US workers.
PRC Group, which specializes in university campus housing, is developing two residential buildings, University Place Apartments and the Carbon Place Apartments, along with the connected retail space. Leasing started in mid-September 2019 and the first tenants moved in November 2019.
Jersey City, the second most populous city in the state, is currently growing at 9.2% a year, in part thanks to its proximity to New York City. The city's transportation links include 24-hour PATH Train service, the NY/NJ Waterway, the Hudson-Bergen Light Rail system and the New Jersey Turnpike.
New York City-based CanAm Enterprises has financed 60 projects and raised nearly $3 billion in EB-5 investments. More than $1.4 billion in EB-5 capital from more than 2,600 families has been repaid by CanAm's 40 projects to date.
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Dan Packel
Dan Packel is an editor on the Business of Law desk at ALM. He writes a weekly briefing for Law.com, "The Law Firm Disrupted," on change and innovation in the legal marketplace. He is based in Philadelphia. Contact him at [email protected]. On Twitter at @packeld
