City Line West at 33 University Place Blvd. in Jersey City — Courtesy: PRC Group
By Joshua Burd
A federal agency has approved a $22.5 million loan under the EB-5 visa program that will support part of a plan to bring new apartments and retail space to Jersey City’s west side.
CanAm Enterprises, a firm that sponsors investment funds linked to the federal program, announced that U.S. Citizens and Immigration Services has approved a petition tied to two residential projects by PRC Group. Part of the sweeping plan known as University Place, the buildings are among several being developed on land owned by New Jersey City University, which is seeking to revitalize more than 20 acres near Route 440.
EB-5, a 30-year-old federal program, offers foreign investors a path to a green card if they fund certain job-creation projects in the U.S.
“We are pleased to work with NJCU and PRC Group to provide much-needed housing in this area,” said Tom Rosenfeld, CEO and president of CanAm Enterprises. “This project not only provides a social benefit, but also meets our investment mandate to fund secure, job-creating projects on behalf of our investors.”
PRC Group and its investment team, including Circle Squared Alternative Investments, recently opened their first building within the University Place redevelopment area. Located at 33 University Place Blvd., the 144-unit project known as City Line West offers a mix of studio, one-bedroom and two-bedroom apartments with preinstalled WiFi and smart home features, along with a host of indoor and outdoor amenities.
The development team has also broken ground on a second building across the street. Overall, plans for University Place include additional residential buildings, retail space and a nearly 500-seat theater that will anchor a new performing arts complex.