Tishman Speyer is soliciting funds for the redevelopment of Macy’s former Brooklyn headquarters on Fulton Street, according to marketing materials provided to prospective Chinese investors.
The developer is looking to raise $60 million in mezzanine financing using the EB-5 program, an immigration scheme that allows foreigners to obtain green cards by investing at least $500,000 into U.S. developments.
EB-5 capital is slated to account for just 12 percent of the total $491 million funds being raised for the project, according to the materials, first spotted by Wall Street Journal reporter Eliot Brown. The remainder will be financed with equity from the developer and through a $210 million construction loan.
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