NES Financial’s experience in this arena is unmatched. As the project has moved forward, we’ve benefited from their efficient, secure and transparent handling of all the moving parts of EB-5 administration.
SAN JOSE, Calif. (PRWEB) November 28, 2017
NES Financial today announced a new contract with the developers of the 45-story mixed-use tower currently under construction at 25 Park Row in Manhattan’s Financial District. The project will utilize NES Financial’s EB-5 Capital, Process, and Accounting Administration Suites, which are designed to help developers raise and deploy EB-5 capital more quickly, to minimize risk, and to streamline project efficiency.
The EB-5 program, created in 1990, encourages foreign investment into projects that stimulate U.S. job growth. Once relatively obscure, in recent years there has been an exponential rise in the use of EB-5 capital in projects of all types and sizes. NES Financial’s Intelligent EB-5 Solutions have been used on more than 550 projects, representing over $20B in EB-5 capital - more than any other service provider on the market.
Use of these EB-5 Solution Suites has earned the Park Row development a NES Financial “Platinum Medallion,” signifying the project’s commitment to industry best practices and to providing investors with the highest levels of security, transparency and compliance.
The 25 Park Row project is being co-developed by Joe and Rachelle Friedman (J&R) and real estate firm L+M Development Partners, Inc. The finished building will span three former property sites, and will comprise four floors of commercial space with residential above. $49 Million of the project budget is reserved for EB-5 funding.
“Over the past 33 years, we’ve been responsible for over $7 billion in development, construction and investment, but this is the first project for which we’ve employed EB-5 funding,” said David Dishy, President of Development and Acquisitions and Partner at L+M Development. “NES Financial’s experience in this arena is unmatched. As the project has moved forward, we’ve benefited from their efficient, secure and transparent handling of all the moving parts of EB-5 administration.”
NES Financial’s suite of Intelligent EB-5 Solutions is designed to cover the unique requirements of the entire EB-5 process, start to finish. Whether utilizing select products or the entire bundle, these solutions take care of the middle- and back-office administration so issuers can focus on project success.
“The EB-5 process is complicated,” said Reid Thomas, Executive Vice President & General Manager at NES Financial. “Our suite of solutions enables real estate developers like L+M to focus on what they do best while maximizing their investors’ opportunity for success.”
About NES Financial
NES Financial provides technology-enabled services for the efficient middle- and back-office administration of highly specialized financial transactions. Their technology-enabled solutions include EB-5 administration, 1031 exchanges, and private equity fund administration services.
Many of the world’s largest financial institutions and corporations rely on their proprietary technology, unparalleled expertise, and outstanding services to ensure the secure, transparent, and compliant management of funds while also lowering operational costs, reducing risk, and improving ROI. For more information, please visit nesfinancial.com.
About the Developers
L+M Development Partners, Inc., (“L&M”) is a full-service real estate development firm founded in 1984 with expertise in taking projects from conception and planning through completion and management. L&M has created or preserved more than 22,000 high-quality residential units, representing more than $7 billion of development, construction, and investment.
Rachelle and Joe Friedman are New York City based entrepreneurs who opened the now-iconic J&R Music as a side business in 1971. In the years since, the Friedmans have accumulated a CRE portfolio that they are redeveloping along Park Row.