CanAm Closes USD 28 Million EB-5 Financing for Jefferson Energy Terminal in Beaumont, TX
Dec 21, 2022
New York [US], December 21 (ANI/NewsVoir):
("CanAm") is pleased to announce the closing of its USD 28 million EB-5 loan for Phase II of the Jefferson Energy Terminal - which will fund a further expansion of the facility to support nearby refinery businesses and create more than 2,000 U.S. jobs in the Port of Beaumont region of Texas. Jefferson Terminal is a sprawling petroleum product storage and logistics facility that serves as a critical link between crude oil producers and refineries and end consumers of the global energy market. The expansion project unlocks additional storage, pipeline and marine capacity and related infrastructure primarily in support of long-term contracts with ExxonMobil to support their naphtha, diesel, and light cycle oil businesses.
This marks CanAm's second loan closing since the re-start of the reformed EB-5 program on May 14, 2022, having closed on a separate project - Rhoads Industries III in Philadelphia's Navy Yard - in October.
"CanAm strives to create EB-5 project opportunities that consistently deliver for our investors, and our consistency comes from collaborating with quality borrowers like Fortress and its affiliate companies," said Tom Rosenfeld, President and CEO of CanAm Enterprises. "We're thrilled to continue our progress with the Jefferson Terminal expansion as the next phase of the EB-5 program begins in earnest."
Jefferson Terminal is an energy infrastructure expansion project sponsored by Fortress Transportation and Infrastructure Investors (NYSE: FTAI). CanAm and FTAI also collaborated on the Phase I expansion of the terminal, for which investors have already received Exemplar I-526 Petition approval from the U.S. Citizenship and Immigration Services (USCIS).
Rosenfeld noted this Jefferson Terminal Phase II is one of four EB-5 project collaborations between CanAm and Fortress and its affiliate companies. Another, Brightline rail project owned by Florida East Coast Industries (FECI), has been repaid in full. In September, CanAm investors in the Brightline Rail project began receiving their I-829 approvals from the USCIS, marking the final step on their successful EB-5 immigration journey. Additionally, CanAm and another Fortress-affiliated company recently began collaborating on a new EB-5 venture in the Port of Beaumont region.
"Our track record and reputation are among the most important considerations for our current and prospective investors, which is why we're excited about partnering with Fortress for the fifth time to help our clients reach both their immigration and investment goals," Rosenfeld said, noting that CanAm has financed more than 60 projects and repaid over USD 2.15 billion of EB-5 capital, representing more than 4,300 investor-families.
The EB-5 Immigrant Investor Program (EB-5 Program) is administered by the 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 USD 800,000 in projects located in Targeted Employment Areas that create at least ten permanent full-time jobs for U.S. workers.
With 35 years of experience sourcing, underwriting, and promoting immigration-linked investments in the United States and Canada, CanAm has a long and established track record and a reputation of credibility and trust. CanAm has financed more than 60 projects and raised more than USD 3 billion of EB-5 capital. To date, more than USD 2.15 billion of EB-5 capital from more than 4,300 investor families has been repaid by CanAm-sponsored Regional Center Partnerships. CanAm exclusively operates seven USCIS-designated regional centers that are located in the City of Philadelphia, the Commonwealth of Pennsylvania, the metropolitan regions of New York and New Jersey, and the states of California, Hawaii, Florida, and Texas.
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