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eb5 visa program a benefit
EB-5 Visa Program a Boon to all of us Hotel Developers
A government program which grants EB-5 visas to foreigners who invest $1,000,000 in a
American business (or at best $500,000 in a "Targeted Employment Area" - i.e. high
unemployment or rural area), is now an increasingly popular method to obtain financing for hotel
developers in NYC and across the country.
For instance, when Marriott International opened a whole new hotel in downtown Seattle in 2008,
the company's developers didn't sell bonds, take out a home financing EB-5 Visa or tap other
traditional varieties of financing. Instead, they raised the bulk of the amount of money to the $88
million project from international investors to acquire visas. Since that deal, the company has
endorsed 14 projects designed to use EB-5 financing, such as downtown Milwaukee Marriott, a
Courtyard Marriott in Midtown Manhattan plus a $168 million hotel close to the Staples Center in
Other hotel developers can also be following suit - developers for Hilton Worldwide, Hyatt Hotels
and Starwood Hotels & Resorts Worldwide have turned to EB-5 financing over the past 18
months. Additionally, hotel mogul Sam Nazarian's Park Avenue South hotel (at 444 Park Avenue
South) and Texas-based Felcor Lodging Trust's $230 million redevelopment of the Knickerbocker
Hotel (found at 1466 Broadway) are generally relying heavily around the program for funding.
Since these well-known hoteliers have jumped aboard, they have got helped help the credibility
from the program, that is around since 1990 as well as in the aftermath with the 2008 financial
crisis, small hotel developers started flocking into it. Government entities program offers
inexpensive capital in the otherwise tight credit ridden market - EB-5 investors frequently accept
returns of below 4%, where interest levels on debt can range from 6% to 10% and equity partners
want 20% returns. Currently, the government has issued roughly 3,000 temporary visas from the
program, up from 640 in 2008. They've got gone to Chinese immigrants, which has a number
given out to investors in the uk, India, netherlands and The philipines.
Meanwhile, New York's Central Park West will continue to attract Hollywood. Actor David
Duchovny, who is best known for his leading role inside the "X Files" and who now starred from
the Showtime series "Californication," is at contract to get a condo within the Ardsley, a unique
Central Park West co-op. The Ardsley, found at 92nd Street, features a mixed record in terms of
accepting celebrities. Barbra Streisand once had a penthouse there, see it here but Mariah Carey
was rejected by the board when she experimented with buy Streisand's apartment in 1999. The
apartment that Duchovny is vying for is really a 19th-floor corner unit which has views from the
reservoir in Central Park, a hearth along with a terrace. The three-bedroom, three-bathroom unit
shows up for $6.25 million by Jennifer Callahan and Kirk Henckels of Stribling & Associates. The
system last bought from 2001 for $3.25 million.
Here it is for today, oh my gosh friends. I'm always available to answer questions and provide you
more information on Ny real-estate.
Riccardo Ravasini is really a NYC Real Estate maven and contains been an active agent in
Manhattan since 2008.He enjoys assisting his friends the ones a new comer to the City within
their look for the ideal rental apartment up to he loves focusing on sales and bigger transactions
which entail international investors.