TIMSON Immigration
SURF - Ocean Dreams Development at 3514 Surf Avenue
PROJECT LOCATION & ADVANTAGE
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The Project will be located at 3514 Surf Avenue, Brooklyn, New York, directly adjacent to the famous Coney Island beach.
The Project consists of the development and operation of two 21-story towers, with approximately 425 residential units, 20,645 square feet of ground floor retail space, three-story parking garage (about 300 spaces) and a rooftop amenity deck. The Project will feature a full complement of services and amenities including a pool, rooftop terrace, children’s playroom, gym, spa, and lounge. Upon completion, the Property Owner intends to lease the apartments and retail space, and /or potentially sell a portion of the apartment units as condominium units.
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Brooklyn is the most populous of the five boroughs in New York City. The borough is coterminous with Kings County, which is the most populous county in New York, and the second-most densely populated in the United States, after New York County (coterminous with the borough of Manhattan).
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Developer
John A. Catsimatidis is ranked 248th on the Forbes 400 list of richest Americans and 581st on the Forbes list of world billionaires. John A. Catsimatidis is the sole owner, chairman, and CEO of the Red Apple Group, a conglomerate that owns and operates assets in the real estate, energy, finance, insurance and supermarket industries. Red Apple has been in business for over 40 years, has over 8,000 employees and is one of the 150 largest private companies in America by revenue.
John’s real estate development company has designed, financed and constructed four mixed-use buildings in downtown Brooklyn, New York that contain a total of 1 million square feet with 1,000 residential apartments, 50,000 square feet of retail space and over 500 parking spaces. The company has an additional 2 million square feet of projects in various stages of development.
In addition to his mixed-use development projects, John’s real estate operating company, Red Apple Real Estate, owns and manages over 1.5 million square feet of commercial real estate primarily in New York City, Pennsylvania, Ohio and Florida. His career has included the development and renovation of considerable commercial, industrial and residential space.
Through its subsidiaries, Red Apple also operates a 70,000 barrel per day oil refinery, over 400 gas stations and convenience stores, is the largest supplier of home and business heating oil in New York City. Red Apple also operates an investment division making acquisitions and investments in both private and public companies.
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Regional Center - New York Immigration Fund
- Founded in July, 2010
- Having experience in NYC real estate including property acquisition, management, development and construction for over 35 years
- So far, we have 14 successful EB-5 projects with 100% I-526 & I-829 approval history
Project Legal Team
Ronald Klasko, the attorney of 235 Grand, who is one of the leading EB-5 attorneys and former National President of the American Immigration Layers Association (AILA).
The economic report and job creation analysis is written by Dr. Michael Evans, who is the leading EB-5 economist in America.
Regional Center |
New York Immigration Fund
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General Partner |
New York Immigration Fund, LLC
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EB-5 Company |
NYIF SURF AVENUE, LLC
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Borrower |
Red Apple Surf Realty III Inter LLC
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Introduction of the project
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Developer |
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Project Total Costs |
US$ 268,848,899
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Borrower Equity |
US$ 88,848,899 <33%>
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Senior Loan |
US$ 130,000,000 <48.4%>
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EB-5 Financing |
US$ 50,000,000 <18.6%>
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EB-5 Investment per Unit | US$ 500,000 |
Collectively known as Subscription Proceeds
(US$ 550,000)
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Issue Fee | US$ 50,000 | |||
Investment Return |
0.25% per annum
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Term of EB-5 Loan |
5 years (with one-year-extension)
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Number of Investors | 100 | |||
Job Requirements
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1000
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Job Creation |
1,754.5 <175% buffer>
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Release of Escrowed Funds to the Limited Partnership |
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In case of I-526 Petition Denial
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Source of Fund for
EB-5 Repayment
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Sale of condominium units or refinancing. |