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The 91-story luxury residential complex at 125 Greenwich St just put together $175M in EB-5 visa financing. The foundation work has been ongoing while the developers try to combine the foreign funds with a $500M construction loan, NY Yimby reports.
The luxury giant is one of many ongoing high-end projects relying heavily on funds from the EB-5 visa program—which was almost upended in Congress this past year before passing through unscathed with the budget plan.
The EB-5 program isn’t the only wide open foreign investment spigot—changes in FIRPTA regulations now allow foreigners to invest twice as much in REITs as before.
These cash avenues have seen Autobahn-style speed limits (i.e. none) for international investors looking to park their cash in the safe haven of US real estate. [NYY]
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