The Real Deal New York

Here’s how much EB-5 money SL Green wants for One Vanderbilt

Developer landed $1.5B construction loan last year
By Konrad Putzier | December 04, 2017 01:15PM

Rendering of One Vanderbilt and Marc Holliday (Credit: SL Green)

SL Green Realty is considering raising more than $200 million in EB-5 funding to help fund construction of One Vanderbilt, the company said during its annual investor conference Monday.

The real estate investment trust called the visa-for-cash program an “interesting, incrementally positive source of financing for this project.” Last year, a syndicate led by Wells Fargo committed to funding the $3.1 billion project with a $1.5 billion construction loan. And in January, the National Pension Service of Korea bought a minority stake, pumping $525 million into the building.

Sitting next to Grand Central Terminal on East 42nd Street, One Vanderbilt is set to rise 1,401 feet tall and span 1.7 million square feet.

The EB-5 program, which grants visas to foreigners who invest in qualifying, job-creating real estate developments, is a popular source of funding for New York’s builders. Although it’s supposedly designed to funnel money into poor neighborhoods, developers have successfully argued that areas like Midtown or Hudson Yards should be included.