Brooklyn Navy Yard Pays Off $60M EB-5 Loan
Brooklyn Navy Yard, after getting a redevelopment jump-start from a $60M EB-5 foreign investor loan, is refinancing the deal and paying it off.
The Brooklyn Navy Yard Development Corp secured two separate loans for a combined $62.4M to pay off the investors who used the EB-5 program to secure immigrant visas to live the US, it announced today. The BNYDC borrowed about $30.8M from Sterling National Bank and about $31.7M from Symetra Life Insurance Co.
The Singer & Bassuk Organization and Goulston & Storrs advised the Navy Yard in the deals. Its loan with Sterling is for 15 years, and the deal with Symetra is for 21 and a half years. The BNYDC borrowed $60M from the New York Regional Center of EB-5 investors in 2009. It still has an outstanding $42M EB-5 loan from 2012.
“These loans demonstrate the financial health of the Brooklyn Navy Yard and place the Yard on strong financial footing as we undergo our largest expansion in 50 years,” BNYDC CEO David Ehrenberg, who will be speaking at Bisnow's Brooklyn Hottest Projects and Neighborhoods event in 2017.
