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December 22, 2011

Immigrant investors seeking green cards now own mortgage on development rights for Atlantic Yards tower; more mortgages coming

Atlantic Yards Report

Chinese millionaires are closer to owning a piece of the Atlantic Yards project.

Immigrant investors now own a $24.7 million mortgage on the 1.24-acre site for B12, the first of seven development parcels promised as collateral for a low-interest loan to developer Forest City Ratner.

More such mortgages are coming, a state official says, indicating that proceeds from the $249 million low-interest loan garnered through the EB-5 visa program are being delivered.

Forest City Ratner is thus transferring portions of a longstanding high-interest loan to the cheaper capital raised via Brooklyn Arena Infrastructure and Transportation Improvement Fund, an affiliate of the New York City Regional Center (NYCRC), a private investment pool authorized to recruit immigrant investors.

It looks like the large majority of the cheaper capital will replace that existing loan rather than be used, as Forest City officials once said, to build a new railyard.

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Posted by eric at December 22, 2011 12:51 PM