Business Wire India
CanAm Enterprises is pleased to announce that the first I-526 petition for its Spiral Project has been swiftly approved by USCIS on Aug 1, 2018, approximately eight months after its submission, without any Request for Evidence on either the Project or investor’s source of funds.
The Spiral Project has achieved several of its milestones in recent months. In April 2018, the international pharmaceutical giant Pfizer signed a 20-year lease totaling approximately 800,000 RSF, representing 29% of the building’s rentable area. In the same month, Tishman Speyer has closed on a series of transactions securing all of the necessary financing for the project: a $1.8 billion construction financing from Blackstone Mortgage Trust, a publicly-traded affiliate of The Blackstone Group, and $1.9 billion equity from Tishman Speyer and various institutional, pension fund and individual investors. In addition, based on the pace of its EB-5 fundraising to date, CanAm Enterprises and Tishman Speyer have closed the EB-5 loan for the Spiral Project on June 13, 2018.
CanAm’s President and CEO, Tom Rosenfeld, commented, “We are thrilled to be partnering with Tishman Speyer on this iconic USCIS-approved project, which we are confident will achieve the immigration and investment goals of our EB-5 investors.”
Designed by noted architectural firm Bjarke Ingels Group, the Spiral will enhance the emerging skyline in midtown Manhattan with approximately 2.8 million square feet of connected and sustainable class A office space.
The Spiral is another example of CanAm’s dedication to bringing qualifying EB-5 projects to investors. Before launching a project to the market, CanAm’s project development team selects projects that meet the requirements of the EB-5 program and structures them conservatively, knowing that our investors’ futures are at stake. CanAm’s underwriting team conducts exhaustive due diligence in order to qualify a project as a potential investment. As a third-party regional center, CanAm and its employees are committed to the highest level of integrity and transparency demanded by its immigrant investors and the EB-5 program.