The City of Dallas Regional Center (CDRC), a public-private partnership between the City of Dallas and Civitas Capital Group, today announced that it has closed on a senior loan to fund a significant portion of Forest City West Village, a 21-story residential tower located in the Uptown neighborhood of Dallas. The CDRC raised the capital from over 100 international investors through the EB-5 investor visa program. The project is slated to create over 1,000 direct and indirect jobs in the area.
Dallas Mayor Mike Rawlings, a key CDRC advocate, was delighted to see the Forest City West Village project come to fruition. “This is another example of the CDRC’s success in attracting foreign direct investment to Dallas through the EB-5 program. We are pleased to partner with Forest City on such a landmark project for the fast-growing West Village area,” said Mayor Rawlings. “This investment was highly sought after by overseas investors who recognize the fundamental stability of the dynamic Dallas economy and the City’s pro-growth, pro-business culture.”
The Forest City West Village project includes 381 luxury apartments, 37,000 square feet of retail and restaurant space, and has already broken ground. Also enthusiastic about the project was Brian Ratner, President of Forest City-Texas, a subsidiary of Forest City Enterprises (NYSE: FCE). “The West Village loan is our first transaction with the CDRC, but we hope to do more. Forest City and the City of Dallas have partnered on significant projects for years, and the CDRC has just deepened an already well-established relationship.”
“Forest City West Village is a great example of how the EB-5 program drives economic growth and creates new jobs in Dallas,” said Civitas Managing Director Jim Crigler, who coordinated the CDRC’s loan to Forest City. “Civitas’ job is to set up good risk and rewards for the CDRC’s EB-5 investors. This one checks all the boxes – a top-tier sponsor, a solid asset in a great location and significant job creation. Definitely a win-win.” The Forest City West Village loan is the City of Dallas Regional Center’s seventh investment since 2010. In the aggregate, these investments total more than $170 million and will create more than three thousand jobs in the Dallas area.
“Reaching this milestone was the result of a full year of hard work and was most definitely a team effort. I am especially grateful to Senator John Cornyn and U.S. Representatives Eddie Bernice Johnson, Pete Sessions, and Lamar Smith, each of whom has been a steadfast supporter of the CDRC and the EB-5 program as a whole. They each provided invaluable assistance as this project made its way through the regulatory process,” said Civitas CEO Daniel J. Healy.
Healy continued, “Above all, we are humbled by our investors’ trust and confidence. I could not be more proud of the CDRC’s success, and I am certain this is just the beginning. We look forward to financing more high-quality projects in 2013.”
The City of Dallas Regional Center is the official EB-5 regional center of the City of Dallas. In a unique public-private partnership, the City collaborates with Civitas Capital Group to provide the highest quality EB-5 investment opportunities to investors around the world. The CDRC takes full advantage of the City of Dallas’ pro-business culture, steady growth and job creation, all of which have made the City and the surrounding region a magnet for corporate headquarters, business expansion and foreign trade.