NES Financial has entered a new contract with the developers of the 45-story mixed-use tower currently under construction at 25 Park Row in Manhattan’s Financial District. The project will utilize NES Financial’s EB-5 Capital, Process, and Accounting Administration Suites, which are designed to help developers raise and deploy EB-5 capital more quickly, to minimize risk, and to streamline project efficiency. L+M Development Partners, Inc’s EB-5 Manhattan project will not only bring new commercial retail space to the Financial District but also single-family housing.
The EB-5 program, created in 1990, encourages foreign investment into projects that stimulate U.S. job growth. Once relatively obscure, in recent years there has been an exponential rise in the use of EB-5 capital in projects of all types and sizes. NES Financial’s Intelligent EB-5 Solutions have been used on more than 550 projects, representing over $20B in EB-5 capital – more than any other service provider on the market.
The 25 Park Row project is being co-developed by Joe and Rachelle Friedman (J&R) and real estate firm L+M Development Partners, Inc. The finished building will span three former property sites, and will comprise four floors of commercial space with residential above. $49 Million of the project budget is reserved for EB-5 funding.
“Over the past 33 years, we’ve been responsible for over $7 billion in development, construction and investment, but this is the first project for which we’ve employed EB-5 funding,” said David Dishy, President of Development and Acquisitions and Partner at L+M Development. “NES Financial’s experience in this arena is unmatched. As the project has moved forward, we’ve benefited from their efficient, secure and transparent handling of all the moving parts of EB-5 administration.”
Learn more about the EB-5 Manhattan project in the full press release by clicking here.
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