Crains Business Insider is reporting that the forces behind the Kingsbridge National Ice Center may utilize a special program that enables foreign nationals to receieve visas in return for investing capital in the project.
“The developers are eying use of a federal program called EB-5 that would allow them to receive a loan from a pool of money contributed by potentially hundreds of wealthy foreigners. While those individuals receive a relatively low interest rate on their funds, they will in return get EB-5 visas that grant them the ability to become citizens.
The program, frequently operating through so-called regional centers that market the deals on behalf of developers to the overseas investors, has become especially popular in China. There a burgeoning upper-class has shown an eagerness to establish a foothold in the U.S.
Kevin Parker, the founder and chairman of the Kingsbridge National Ice Center, the organization that envisioned and is managing the vast armory’s conversion, said that he hopes to arrange financing by the end of the year. He is still weighing funding options, including EB-5.
“There’s a lot of interest in lending to quality projects,” Mr. Parker said. “But this is a project that is in a geographical area that qualifies for EB-5 and that is something we’re definitely considering.”
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