NEW YORK CITY—While EB5 isn't a new program, it has only caughton in recent years, leading some developers who use it—as well asadvisor and lender participants to carry one prevailing suggestionto potential users of the program: use caution.
That was a key message at a presentation Thursday night inMidtown entitled, “EB-5 Visa Financing for Real Estate Developmentin New York City.” Hosted by the Mortgage Bankers Association ofNew York and the law firm of Greenberg Traurig, the event includeda panel discussion among Jeffrey Grasso, director of investorrelations, Silverstein Properties Regional Center; Sam Giarrusso,senior EVP, BankUnited and attorney Kate Kalmykov of GreenbergTraurig.
The program allows overseas investors to finance $500,000 to $1million of a real estate project in the United States in exchangefor a green card and, ultimately, permanent residence. Thedeveloper, for its part, must promise to offer investors at least10 jobs for two years or more.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
