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Utopia Living Apartment Project

Utopia - Project RenderingKitchenLivingView2v2Terrace

Project Summary
Utopia Living Apartment Project is a luxury apartment project with two 47-story towers, which will change the skyline of New York City as the tallest skyscrapers in Fresh Meadows, Queens area. It is anticipated to encompass over 1 million square feet (over 92,000 square meters), containing approximately 800 apartment units with underground parking. Utopia Living will offer state-of-the-art amenities such as swimming pool, hot-tub, spa, fitness center, sports courts, movie screening rooms, children’s playroom, music room, reading room, party rooms, private dining rooms, business lounge, relaxation lounge, and lobby lounge with complimentary coffee bar. It will also have a beautifully designed outdoor garden with a terrace lounge and walking trail. It will also offer residents a complimentary shuttle service to and from the nearby train station, enabling them to commute to Manhattan in about 30 minutes. Located in a peaceful neighborhood, with all the amenities offered by this beautifully-designed building, Utopia Living enables its residents to experience utopian living amidst the hustle and bustle of New York City.
Project Highlights
Prime Location and Strong Financial Projections Located in a single-census tract targeted employment area (TEA) in New York City, Utopia Living is a rare gem on the USD 900,000 EB-5 market. With a competitive rent structure and located in a neighborhood with high demand for new and modern upscale apartments for students and young families, this project has a strong financial outlook.
Strong and Reputable Developer Marx Development Group (MDG) was founded by David Marx, who has over 30 years of real estate development experience in New York and currently owns and manages over USD 1.3 billion in real estate assets and operating affiliates. MDG’s affiliates include a federally-approved HUD mortgage lender, Rockhall Funding Corp., which has generated over USD 1.5 billion loans, as well as a public company on the Tel-Aviv stock exchange. Headquartered in New York City, MDG has regional offices in Los Angeles and Tel-Aviv, along with affiliated offices in Indiana, Texas, Virginia, and Florida.
Independent Third-Party Fund Administrator and Loan Enforcement Officer EB-5 funds for this project will be monitored by the award-winning fund administration company Mainstream Fund Services (Mainstream), which is listed on the Australian Securities Exchange. With offices in Europe, North America, and Asia Pacific, it manages over AUD 187 billion funds. EB-5 investors in this project will have access to their personal Mainstream online portal, through which they can track the path and use of their funds. Mainstream is also the loan enforcement officer to enforce repayment of the EB-5 loan to protect investors’ interest.
Healthy Capital Structure and Reliable Guarantees The projected capital structure is comprised of approximately 25% developer equity, 60% senior and 15% EB-5 financing. It provides reliable guarantees to ensure construction completion and return of EB-5 funds in case of I-526 denial.
Sufficient Job Creation Surplus for EB-5 Investors With a projected job creation of close to 5000 jobs, this project has a 460% job creation surplus for 88 EB-5 investors, which is more than sufficient for EB-5 investors to achieve immigration success.