Park Hotel at New York Bronx
The PARK HOTEL is a proposed top-tier, four star – 71 room hotel in South Bronx, New York City, New York.
Thee Project is being developed by THE TRISE DEVELOPMENT CORP. The prime location of the project will support both the feasibility and success of the proposed project. The total cost for the Project is $29,000,000 which includes all costs. Job Creating Entity, is seeking up to USD 11,000,000 in capital through the “Immigrant Investor Program”, also known as the EB5 Program.
The EB5 Investors will be pooled into a New Commercial Enterprise (NCE) for the purpose of providing EB5 Capital to the project. The NCE will receive up to USD 6,000,000 as EB5 Preferred Equity and up to USD 5,000,000 as EB5 Loan from as many as 22 foreign investors, who each will be required to invest a minimum of USD 500,000 because the Project is located in an existing Target Employment Area (“TEA”). The investors will make a qualifying investment permitted under the EB5 Program in the form of the loan to finance the Project.
NEW YORK CITY EB5 LLC is the Regional Center sponsoring the project and will review and monitor the Offering to confirm compliance with EB5 rules and policies, reporting to USCIS as required.
To satisfy EB5 program requirements, this Project will require the creation of at least 220 jobs. According to the economic analysis, the Project will create 248.4 permanent new jobs, comprising of direct, indirect, and induced jobs. Therefore, each investor will be assigned 11.3 jobs to meet the EB5 capital raise of $11,000,000.
The project is currently under construction. The opening is estimated for the fourth quarter of 2019
THE TRISE DEVELOPMENT CORP.
General partner of EB5 investors
Become American Investor LLC (BAI CAPITAL)
New York City EB-5 LLC
Greenberg Traurig, Boca Ratón, FL
EB5 Capital Raise
Total Project Capital
Total Jobs Impact
248 indirect jobs have been created