THE GRIFFIN PROJECT OVERVIEW – CMB GROUP 57

EB-5 Projects

PROJECT OVERVIEW

This is a high-end block of apartments including the parking lot for 261 A class apartment located next to the future express train station Monrovia, on the land of 2,81 samples in Monrovia, California. The average area of each apartment is 80,2-meter square locating in Los Angeles, Monrovia city, in the state of California.

Monrovia is where many aerospace companies and high-tech industries such as Aero Vironment, Ducommon Aeronstructures, Parasoft Xencor, 3M v.v has chosen this place as their headquarter. That is why Monrovia is dubbed “ Technology Corridor”

Project Details

The project capital structure :

  • Total construction cost: US$69,751,000
  • EB-5 fund: US$15,500,000
  • Bank loan: US$40,500,000
  • Project developer: US$13,700,000
  • Payback Period: 6 years/ interest paid annually
  • Interest: 1%/ year
  • Number of investment units: 31 units
  • Number of jobs created: 310 jobs
  • Number of indirect jobs: 495 jobs (59% higher than USCIS required)
  • Date of commencement: 11/2015
  • Date of completion: 7/2017

The project advantages:

  • The project is strategically located in the opposite of Metro railway.
  • The project is opposite the new express train station Gold Line which is still in construct duration and be operated in 2016.
  • The construction and development of the Metro railways such as Red, Gold, Purple line is the factor stimulating large commercial and resident development projects in neighboring the land.

NOTE: The information was given by the project developer.

ABOUT THE INVESLOPER OF GROUP 57 PROJECT

  • Griffin Capital is a private investment and management company locating in Los Angeles with 20 years of experiences in real estate investment and capital management of organizations.
  • In 1995, Griffin Capital bought or built on 4,923,861 meter squares of space.
  • Total property of the company is approximately 6,2 billion US dollars.
  • Griffin Capital currently managing portfolio which is more than 3,363,090 meter square in 29 states.
  • The project constructor and manager is Legacy Partners which has more than 2 billion US dollars of property. The current portfolio of Legacy is in southern California including approximately 8000 apartments, 80% of which is administration expenses over the past 40 years.

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