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3 Hudson Blvd to Rise with Help of EB-5 Funding

The Moinian Group Secures up to $350 Million from George Washington Immigration Group
February 12, 2018
For the completion of 3 Hudson Boulevard, developer The Moinian Group is diversifying its capital stack.

George Washington Immigration Group LLC, an EB-5 Regional Center based in Jericho, NY, will commit from $250 million to $350 million toward the full project cost, according to The Moinian Group.

Architect FXFOWLE designed the 53-story, 900-foot-tall glass tower situated at 555 W. 34th St. in New York City. The building is expected to come online in October 2021, and when completed, will bring nearly 2 million square feet of office space to the Hudson Yards area.

The project broke ground last year and will feature a multi-tiered lobby with 12,600 square feet of retail anchored by Hudson Boulevard Park. It is steps from the new 7 subway line station at Hudson Yards. The MTA’s completion of that station’s second entrance at 34th Street means construction of 3 Hudson Boulevard can proceed.

Building 3 Hudson Boulevard is expected to cost north of $2 billion, says The Moinian Group. Aside from the EB-5 capital pledged, Moinian Group equity is funding the rest of the project.

CEO Joseph Moinian called the George Washington Immigration Group, "A first-class organization with team members who have a tremendous track record in the EB-5 industry."

Steven Anapoell, one of the firm's partners, is no stranger to EB-5 funding for the Hudson Yards neighborhood. He has structured $600 million in EB-5 financing for Hudson Yards on behalf of Related, as well as $250 million for Silverstein’s 30 Park Place. Anapoell is also managing director at private equity firm Bridgeforth Capital.

EB-5 has been renewed until March 23, following the February 9 signing of a CR budget agreement by President Trump.

The oft-controversial program provides visas for investors who give more $1 million to a commercial development project, or $500,000 to a project in a targeted employment area, as long as the project creates at least 10 jobs. Lawmakers and industry participants have called for more oversight into how regional centers use investors’ funds and for a tighter reclassification of TEAs, citing the prevalence for EB-5 funding in projects in larger and economically stronger cities.

Diana Bell, New York City Market Reporter  CoStar Group   
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