CanAm has closed another EB-5 project loan in Conshohocken, Pennsylvania. The $27 million loan will be used to construct a new hotel at SORA West under the Tapestry Collection by Hilton™ brand.
Following the funding of $39 million for the SORA West office tower, which will be fully leased to an international pharmaceutical and healthcare products distribution company and serve as its global headquarters, CanAm Enterprises (“CanAm”) is excited to announce the closing of its $27 million loan which will be used to finance the construction of a new hotel at SORA West, under the Tapestry Collection by Hilton™ brand.
Developed by Keystone Property Group, SORA West is a 3.6-acre dynamic mixed-use transit-oriented development project at the gateway to Conshohocken, Pennsylvania, just minutes outside of Philadelphia. This complex embraces a “live-work-play” lifestyle centered around a vibrant plaza. The hotel is being built adjacent to the new global corporate headquarters of a Fortune 10 company that is among the largest pharmaceutical and healthcare products distributors in the world. The new 11-story hotel will feature a lobby bar, 2,400 SF fitness center, 5,000 SF of meeting space on the ground floor, and a rooftop restaurant and lounge with two outdoor patios, and ample parking space.
“Demand for hotels in Conshohocken is driven by many businesses and relatively affluent residents of the area who need meeting space, as well as several nearby institutions of higher learning,” said Tom Rosenfeld, President and CEO of CanAm Enterprises. “We are proud to co-finance yet another remarkable project in Pennsylvania, which is expected to bring much-needed jobs to the region.”
The EB-5 Immigrant Investor Program (EB-5 Program) is administered by the United States Citizenship and Immigration Services (USCIS). The EB-5 Program provides qualified foreign investors with the opportunity to earn a conditional, or temporary, two-year green card in return for investing $900,000 in projects located in high unemployment areas that create at least ten permanent full-time jobs for U.S. workers.
About CanAm Capital Partners
CanAm Capital Partners, LLC (“CACP”) is a New York-based private equity investor, manager and advisor with a primary focus on real estate principal investment. CACP is an affiliate of CanAm Enterprises, the largest EB-5 lender in the United States. CACP and its affiliates have been involved as a principal or lender in transactions with an aggregate transaction value in excess of $3 billion in multiple markets across the U.S. For more information, please visit www.canamcapital.com/cacp.