TSX Broadway is set to begin construction now that the Goldman Sachs’ senior loan and U.S. Immigration Fund’s mezzanine loan have closed.
U.S. Immigration Fund(USIF) is proud to announce that the EB-5 project, TSX Broadway, also known as 1568 Broadway, is one step closer to beginning construction. The Goldman Sachs senior loan of $1.125 billion and the USIF Mezzanine Loan of $494 million closed on December 12, 2018. TSX Broadway is a state-of-the-art mixed-use project with a development team that includes Fortress Investment Group, Maefield Development, and L&L Holding Company. EB-5 financing for the project was funded by U.S. Immigration Fund.
TSX Broadway is a 47-story, 500,000-square-foot project that will include a 669-key hotel, 75,000 square feet of flagship retail, 30,000 square feet of food and beverage space, an 18,000-square-foot state-of-the-art LED marquee sign, and a one-of-a-kind outdoor performance stage that opens over Times Square.
“It has been an honor to work with such a multifaceted team of developers on this project,” said Nicholas Mastroianni II, President of U.S. Immigration Fund. “This type of EB-5 financing provides an additional source of capital and TSX Broadway is a prime example of how foreign investment is helping to create jobs and shape the future of our cities.”
Maefield and U.S. Immigration Fund previously collaborated on a neighboring project, 20 TSQ, also known as 701 Seventh, was also a beneficiary of EB-5 financing. Construction on 20 TSQ is nearly complete, tenants are open and operating, and a flagship Marriott Edition Hotel is set to open by February 2019. The two projects have been planned to complement each other in a way that establishes this corner of Times Square as the new “must-see” location in New York City.
“The loan closing at TSX Broadway is another step in the right direction for our investors and their families,” continued Mastroianni. “TSX Broadway represents the impact of the EB-5 Program, which has proven to fulfill the American Dream for thousands of families”.
TSX Broadway is scheduled to commence major construction activities after the 1stof the year and open in 2021.