CanAm Enterprises (CanAm) is thrilled to announce that One Willoughby Square has officially opened. CanAm funded two separate mezzanine loans totaling $90 million to fund the development of the project. One Willoughby Square is the tallest office building in Downtown Brooklyn and the first constructed since the area was rezoned in 2004 under the Bloomberg administration. John Reid, CanAm’s Project Development Director, and his associates joined the ribbon cutting ceremony on Tuesday, June 15.
Developed by JEMB Realty and designed by the renowned architectural firm FXCollaborative, One Willoughby Square offers approximately 500,000 square feet of new Class-A office space and approximately 20,000 square feet of prime retail space in the heart of Fulton Mall, Brooklyn’s most popular and successful retail area. FXCollaborative is the building’s anchor tenant, occupying three floors, and is relocating 100 employees from Manhattan to One Willoughby Square this month. The building is also leased to a public elementary school, which will take up the building’s first six floors and will ultimately serve approximately 300 students.
“We were pleased to celebrate this significant milestone with JEMB at a time when New York and Brooklyn are reopening in a significant way post-Covid,” commented Reid. “The Bailey and Jerome families (JEMB principals) are important partners for CanAm and they’ve done an excellent job in developing this unique property. We expect the strong leasing activity to continue this year and the project to continue to be successful. “
CanAm’s loans to the project were structured in compliance with the EB-5 Immigrant Investor Program as a job-creating investment. The EB-5 Program is administered by the U.S. Citizenship and Immigration Services (USCIS). The EB-5 Program provides qualified foreign investors with the opportunity to earn a conditional, or temporary, two-year green card in return for investing $900,000 in projects located in high unemployment areas that create at least ten permanent full-time jobs for U.S. workers. As a qualifying EB-5 project, the One Willoughby Square project received an I-526 Exemplar Petition approval from USCIS.
CanAm Enterprises, with over three decades of experience promoting immigration-linked investments in the US and Canada, has a demonstrated track record of success. With over 60 financed projects and $3 billion in raised EB-5 investments, CanAm has earned a reputation for credibility and trust. To date, CanAm has repaid more than $2.26 billion in EB-5 capital from over 4,530 families. CanAm manages several USCIS-designated regional centers that stretch across multiple states. For more information, please visit www.canamenterprises.com.
