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Silverstein seeks $500 Million in EB-5 funding for 2 WTC

Developer soliciting $500K donations using “targeted unemployment areas” provision

CEO Summit at NYU

 

Larry Silverstein’s Silverstein Properties aims to raise about $500 million in financing through the EB-5 visa program to fund construction of 2 World Trade Center.

Silverstein, which is developing the 2.8 million-square-foot Bjarke Ingels-designed tower along with the Port Authority of New York and New Jersey, is pursuing foreign investors who will kick in $500, 000 a piece.

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The EB-5 program grants green cards to foreigners – in practice, mainly Chinese nationals – who create jobs through investments in the United States, the Wall Street Journal reported. Normally investors are required to contribute $1 million, but that limit is cut in half in “targeted unemployment zones, ” areas where the unemployment rate is 1.5 times the national rate.

Read the full story at The Real Deal

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