EB-5 New York State Regional Center has used the EB-5 Program to finance several job-creating projects, including Buffalo Niagara Medical Campus: Gates Vascular Institute, Multi Modal Transportation Structure and Health Sciences Charter School. Those projects created hundreds of new jobs and put qualified foreign investors on the path to earn U.S. permanent residency for themselves and their families, per the EB-5 program.
The following are highlights from forum participants:
William Gresser, President, EB-5 New York State Regional Center
- EB-5 is flexible
- Our objective is to utilize EB-5 capital where it can create jobs
- We are very careful to work with developers who are certain they are going to create jobs.
- We spend a considerable amount of time and energy making sure we are in compliance with U.S. Securities laws
- We spend a lot of time checking background of investors and the source of their funds
- A lot of EB-5 transactions are traditional real estate transactions; there are other types of transactions that can be done, but we have to have certainty on job creation.
- Every project we’ve ever done, we’ve raised the capital.
- Tony Davis, Community and Economic Development Director, Federal Reserve Bank of New York
- EB-5 is spurring economic development in Western New York and other parts of the country.
Niagara Falls Mayor Paul Dyster
- If you are familiar with what is going on in downtown Buffalo, there are a lot of parallels in Niagara Falls.
- Upgrade of Robert Moses Parkway is a transformational project, offering new opportunities for (Niagara River) waterfront access
- Michael Anthony, Vice President, Commercial Real Estate, M&T Bank
- EB-5 funds complement bank financing, rather than replacing it
- Call a regional center first; they will determine if a project is eligible for EB-5
The panel (left to right): Krystal Ozmun, (moderator) Miller Mayer Attorneys at Law, Terry Gilbride, Hodgson Russ, Mike Anthony, M & T Bank, William Gresser, EB-5 NYS Regional Center, Peter Sayadoff, Uniland Development Company.
Terrence Gilbride, Partner; Real Estate Development, College & University, and Public-Private Partnerships Practices Leader, Hodgson Russ Attorneys
- There are important deadlines and timing concerns; the first and most important thing is to know what EB-5 is about and see if it works for your project
Peter Sayadoff, Uniland Development Company, Director of Capital Markets Group
- EB-5 is a good source of capital
- EB-5 is a possibility for any of our project
- The event was hosted by the Federal Reserve Bank of New York, Empire State Development, the City of Niagara Falls and NAIOP Upstate New York.