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Atlantic Yards/Pacific Park infographics: what's built/what's coming/what's missing, who's responsible, + project FAQ/timeline (pinned post)

Navy Yard EB-5 loan is retired (which should mean first Atlantic Yards loan still pending)

A 12/22/16 press release, New York City Regional Center Announces Repayment of $60 million EB-5 Loan in its Brooklyn Navy Yard Phase I Offering:
The New York City Regional Center (“NYCRC”) is pleased to announce the repayment of its $60 million EB-5 loan used to assist the continued redevelopment of the Brooklyn Navy Yard, New York City’s largest industrial park. The borrower of the EB-5 capital was the Brooklyn Navy Yard Development Corporation. The $60 million investment and resulting job creation enabled 359 individuals (investors and family members) to receive permanent residency in the United States under the EB-5 Immigrant Investor Program.

...The $60 million loan from the NYCRC provided much needed capital for the renovation of a 215,000 square foot industrial building in the Navy Yard. The building was previously used as a machine shop for the United States Navy during World War II but had sat vacant for decades. The project transformed the building, now named the Green Manufacturing Center, into New York City’s leading hub for green manufacturing and sustainable design. EB-5 capital was also used to assist with surrounding infrastructure improvements in the Navy Yard such as the building of new roads, water and sewer lines, and pile foundations and bulkhead walls to allow for the continued use of dry docks and adjacent berths to support maritime activity in the New York harbor.
This was one of seven (!) low-interest loans via the NYCRC, totaling $339 million, used for projects in the Navy Yard, including--new to me--the coming supermarket on what was Admirals Row.

The press release mentions various other NYCRC projects, for which it got cheap loans from immigrant investors seeking green cards-including a new cargo facility at JFK Airport, Fresh Direct’s new headquarters in the South Bronx, the City Point development in downtown Brooklyn--but somehow not the firm's highly questionable fundraising for Atlantic Yards.

Notably, since there's no announcement regarding the repayment of the $228 million (originally supposed to be $249 million) EB-5 loan brokered by the NYCRC in 2010 for Atlantic Yards, which I described as "Anatomy of a Shady Deal." (Still true!) It had a seven-year potential payback, so, I assume it's still pending.

Another intermediary, the U.S. Immigration Fund, has raised an additional $349 million for Atlantic Yards/Pacific Park

It was a refinancing

Do note that the EB-5 investors, who put up $500,000 and accept very low interest--the borrower pays low interest (about 3%-5% back then, more now, but intermediaries keep a good chunk)--haven't been repaid from Navy Yard revenues.

Rather, as the Real Deal reported 12/22/16, Brooklyn Navy Yard refinances $60M EB-5 loans:
The Brooklyn Navy Yard landed two loans from Sterling National Bank and Symetra Life Insurance Company to refinance $60 million in EB-5 debt.
The $30.75 million loan from Sterling carries a 15-year term, and the $31.68 million Symetra loan has a 21.5-year term.
That covers the original loan plus financing costs. The seven-year EB-5 loan was likely interest-only.

The interest rates on the new loans were unmentioned, but surely they are higher than that paid under the EB-5 program, as investors care far more about green cards and getting their money back than earning much return.

The question then: what will be the terms on the Atlantic Yards refinancing.

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