Photo of Jersey City byShutterstock

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JERSEY CITY, NJ—Federal immigration officials have signed off on$22.5 million in foreign loans to support developer PRC Group's$400 million redevelopment plan for the West Campus of New JerseyCity University.

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Financer CanAm Enterprises announced that US Citizenship andImmigration Services had approved the first I-526 petition for theproject, which involves two residential buildings and 10,000 squarefeet of commercial space.

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"We are pleased to work with NJCU and PRC Group to providemuch-needed housing in this area," Tom Rosenfeld, President and CEOof CanAm Enterprises, said in a statement. "This project not onlyprovides a social benefit, but also meets our investment mandate tofund secure, job-creating projects on behalf of our investors."

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The petition approval is a key step for securing funding underthe EB-5 Immigrant Investor Program. The EB-5 Program providesqualified foreign investors with the opportunity to earn aconditional, or temporary, two-year green card in return forinvesting $900,000 in projects located in high unemployment areasthat create at least 10 permanent full-time jobs for USworkers.

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PRC Group, which specializes in university campus housing, isdeveloping two residential buildings, University Place Apartmentsand the Carbon Place Apartments, along with the connected retailspace. Leasing started in mid-September 2019 and the first tenantsmoved in November 2019.

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Jersey City, the second most populous city in the state, iscurrently growing at 9.2% a year, in part thanks to its proximityto New York City. The city's transportation links include 24-hourPATH Train service, the NY/NJ Waterway, the Hudson-Bergen LightRail system and the New Jersey Turnpike.

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New York City-based CanAm Enterprises has financed 60 projectsand raised nearly $3 billion in EB-5 investments. More than $1.4billion in EB-5 capital from more than 2,600 families has beenrepaid by CanAm's 40 projects to date.

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Dan Packel

Dan Packel is an editor on the Business of Law desk at ALM. He writes a weekly briefing for Law.com, "The Law Firm Disrupted," on change and innovation in the legal marketplace. He is based in Philadelphia. Contact him at [email protected]. On Twitter at @packeld