[sparkling]

That's from a longer article about the EB-5 program

Want a Green Card? Invest in Real Estate

JULIE SATOW
MAY 15, 2015

Developers are eager to access the visa program because it is cheaper than many other financing sources. This is in large part because the participants are focused on securing green cards and are therefore willing to take smaller returns on their investment, typically earning less than 1 percent.

“It is a good financing vehicle,” said Asaf Shuster, the vice president for business development of the Victor Group, which is raising $90 million from 180 foreign investors for a 60-story condominium at 281 Fifth Avenue. The project’s total budget is roughly $400 million, and “in order to build such a big project, you need a lot of equity and a big stack of financing,” Mr. Shuster said.

Before the advent of the visa program, the company would have taken out a loan and paid around 12 percent in interest, “but EB-5 money can be as low as 5 percent,” he said. Developers pay the costly immigration agents, as well as legal fees and other expenses, said Mr. Finkelstein, who is advising the Victor Group on 281 Fifth Avenue.