NES Financial announced today that it has been selected by JSG Capital Advisors LLC and Advantage America EB-5 Group to provide third-party fund administration on its latest EB-5 capital raise for a commercial real estate project in New York City’s Morningside Heights neighborhood.
The real estate project, which is being developed by Delshah Capital, will transform five Beaux-Arts buildings into a 205-unit luxury apartment complex located in Morningside Heights. The joint venture between JSG Capital Advisors and Advantage America EB-5 Group has raised approximately $49.5 million in EB-5 funds as part of the $255 million total construction budget.
“I’ve always felt EB-5, as an investment and funding vehicle, would be strengthened by becoming more institutionalized, with standards for tracking the flow of funds, reporting, transparency, and clear audit trails that mirror industry best practices long followed in [more traditional] fund management and administration,” explained Justin Gardinier, Founder and President of JSG Capital Advisors LLC. “That’s precisely what NES Financial delivers, and why we’ve chosen them for third-party administration of our EB-5 fund.”
JSG Capital Advisors LLC and Advantage America EB-5 Group will use NES Financial’s comprehensive EB-5 administration solution, which is designed to help raise capital faster, reduce risk, and ensure success for issuers and investors through the entire life cycle of the project’s EB-5 fund.
“The demand for third-party fund administration as a best practice in EB-5 continues to increase, reflecting an overall trend in private equity,” said NES Financial Executive Vice President Reid Thomas. “Our EB-5 administration solutions efficiently handle complex capital, and the accounting and process administration of an EB-5 project from start to finish, with the highest level of compliance, security, and transparency.”
Read the full press release by clicking here.
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