COLLEGE PARK, MD—Prince George's County has secured its first EB-5 investment, which will help finance the mixed-use Metropolitan at College Park project here.
Prince George's County Deputy Chief Administrative Officer Victor Hoskins announced the approximately $16.5 million EB-5 investment, also known as the Immigrant Investor Program, in the $63-million venture on Wednesday during a trip to Shanghai.
Metropolitan at College Park is to be built at 9091 Baltimore Ave. and will include 238 residential units for graduate students and professors, along with approximately 4,500 square feet of convenience retail. The developer is Vienna-based Metropolitan Development Group. Urban Atlantic, through one of its affiliate companies, assisted in the EB-5 financing, according to the Washington Business Journal.
The unnamed Chinese investors in the Metropolitan project will receive 33 visas, Hoskins says, or one for every $500,000 invested. See story in the Washington Business Journal.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.