NEW YORK, Oct. 23, 2018 /PRNewswire/ -- CanAm
Enterprises is disappointed that the corporate entity behind the
New York Wheel project has informed it that they have decided to
suspend all development. The company, which made a $206 million loan to the developers of the New
York Wheel through the EB-5 Immigrant Investor Program, believes
that the costs incurred to date support enough EB-5
Program-qualifying jobs to meet the USCIS job creation requirements
for the unconditional permanent residency for all of our 412
investors in the project.
Tom Rosenfeld, President and CEO
of CanAm Enterprises said, "CanAm, just as it always has in the
past, will see our investors through their respective immigration
processes. This project came very close to completion and had
already fulfilled all requirements as defined by the EB-5 program.
As a secured creditor, we also expect to enforce our rights and
remedies including, among other things, in the collateral pledged
to secure our loan."
About CanAm Enterprises
With three decades of experience promoting immigration-linked
investments in the United States
and Canada, CanAm has a long and
established track record. Based on its reputation of credibility
and trust, CanAm has financed more than 55 project loans and raised
$2.6 billion in EB-5 investments.
CanAm exclusively operates seven USCIS-designated Regional Centers
that are located in the city of Philadelphia, the commonwealth of Pennsylvania, Los Angeles County, Hawaii, the New York Metropolitan Region,
Florida, and Texas.
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SOURCE CanAm Enterprises