$ 26.5 million repaid in full and on time for axalta project investors
CanAm Enterprises (“CanAm”), a financial services company helping clients achieve their immigration and investment goals for more than 35 years, is pleased to announce that it has fully repaid the $ 26.5 million investors funded in CanAm’s Axalta project-the construction of the global research and development (R&D) facility for Axalta Coatings Systems, LLC. Located on a 7.4-acre site at the Philadelphia Navy Yard, Axalta’s Global Innovation Center is the largest coatings R&D center in the world. Completed in 2018, the project generated 795 jobs-which far exceeds EB-5 program job creation requirements.
The repayment pushes the collective amount of fully repaid investment capital to all CanAm EB-5 investors past the $ 2.15 billion milestone achieved earlier this year. To commemorate the $ 2.15 billion milestone, CanAm has hosted a series of celebratory events with its investors and their families throughout the world, including India, Singapore, Vietnam, and New York.
“For more than 35 years, CanAm has followed the formula of offering our immigrant investors quality projects with quality borrowers, resulting in over $2.15 billion in repayments to more than 4,300 investor families,” said Tom Rosenfeld, President and CEO of CanAm. Rosenfeld noted that Axalta is a global company based in suburban Philadelphia with more than 150 years of experience in the coatings industry, specializing in motor vehicle and industrial paint coatings. “We’re pleased that Axalta worked with us and our partner in Philadelphia, PIDC, to utilize EB-5 capital to help finance its R&D facility, and are thrilled to add this to the list of 47 other projects that have repaid and positioned our investors to meet all the EB-5 project criteria.”
Administered by the U.S. Citizenship and Immigration Services (USCIS), the EB-5 Visa Program provides qualified foreign investors and their family members with the opportunity to earn conditional visas in return for investing $ 800,000 in development projects located in high-unemployment areas.
The repayment comes as the EB-5 program is resuming with new projects under the provisions of the new EB-5 Reform and Integrity Act of 2022, which became effective on May 14, 2022.