CanAm Enterprises (CanAm) is pleased to announce that the exemplar Form I-924 Application for the SORA West Office Project (the “Project”) has been approved by the United States Citizenship and Immigration Services (USCIS). This application was filed in August 2019 and was approved in approximately 12 months, significantly shorter than the average I-924 processing time.
“The opportunity to obtain USCIS pre-approval of a project provides a great deal of assurance and predictability to both our projects and our investors,” said Walter S. Gindin, Director of Legal Affairs at CanAm. To date, all I-526 Petitions for investors in the Project have been filed and are awaiting approval by the USCIS.
The $39.5 million EB-5 loan is being utilized for the construction of a new office tower at SORA West, a large-scale multi-faceted development in the center of Conshohocken, PA. The office tower will be fully leased to AmerisourceBergen (NYSE: ABC), the global pharmaceutical and healthcare products distribution company and serve as the global headquarters for the Fortune 10 company. AmerisourceBergen is prepared to mobilize and occupy the office building upon completion in early 2021. Given its position in the medical supply industry, AmerisourceBergen has performed well economically during the current environment brought about by the COVID-19 virus.
In addition, CanAm is co-financing another $27 million to construct an upscale, world-class hotel facility at Sora West, with significant restaurant space and a rooftop lounge, which will bring many new jobs, both through AmerisourceBergen’s operation and through local businesses that will benefit from the forthcoming opportunities.
The EB-5 Immigrant Investor 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 minimum of $900,000 in projects located in high unemployment areas that create at least ten permanent full-time jobs for U.S. workers.