CanAm Enterprises (“CanAm”), a leader in job-creating EB-5 Visa financing, has repaid its 37th project – further pushing the amount of fully-repaid investment capital over the $1 billion mark. The latest two-phase Gulfport Marine Terminal project in Staten Island, NY has repaid its first tranche of EB-5 loan funding in full and on time.
“We have pioneered many EB-5 milestones, but this one gives us particular pride,” CanAm President and CEO Tom Rosenfeld said. “It highlights the sincerity of our goal to protect our investors’ best interest – and our success in doing so.”
The latest repayment of a $40 million EB-5 loan through CanAm’s New York Metropolitan Regional Center helped fund the first phase of construction of the Gulfport Marine Terminal. Subsequent phases of the construction project are well underway with nearly 2 million square feet of industrial logistics center space completed.
The construction of the Gulfport Marine Terminal has created 1,671 jobs within the geographic boundaries of the New York Metropolitan Regional Center area, which exceeds the EB-5 investment requirements of 10 jobs per investor by far. The legal conditions for EB-5 visas have been fully met, meaning all 80 investors qualify for receiving permanent residency in the United States.
“I am genuinely proud of the Gulfport Marine Terminal project – it shows that EB-5 is a great source of funding for industrial facilities that positively impact the surrounding areas, creating many direct and indirect jobs,” added Tom Rosenfeld, CanAm’s President and CEO.
The Gulfport Marine Terminal is being built on a 674-acre tract of vacant land located on the Arthur Kill waterfront in Staten Island, Richmond County, New York. The terminal features a 135-acre area, which is ready for development of a full-service port facility, and a 193-acre on-site logistics center.
Overseen by the USCIS, the Immigrant Investor Program provides qualified foreign investors with the opportunity to earn conditional visas in return for investing $500,000 in development projects located in high-unemployment areas.