L&L Holding + Fortress Investment Group + Maefield Development have recently attracted more than $100 million in EB-5 loans for 1568 Broadway (A.K.A. TSX Broadway), Bloomberg News first reported. Construction on the $2.5 billion mixed-use project in Times Square started in January 2019.
- Fortuitous timing: Upon completion in 2023, the 46-story project will feature a 669-key hotel, LED signage (18,000 SF), a retail component (75,000 SF), the restoration of the Palace Theater, and an elevated outdoor stage for live events.
- Worth Noting: The new capital comes after the developers modified their loan documents with senior lender Goldman Sachs to allow for an additional $250 million in EB-5 loans. US Immigration Fund, which bundles EB-5 money from foreign investors, had already provided a mezzanine loan of $494 million two years ago around the same time Goldman provided a $1.13 billion construction loan, Bloomberg noted
- Heard on the Street: L&L Holding’s Managing Director David Orowitz told Bloomberg: “The project continues to elicit excitement from investors and we are pleased to have the flexibility to raise additional capital and develop an even more dynamic and valuable property for all of our stakeholders.” [Bloomberg]