Aker Philadelphia Shipyard, known as Philly Shipyard, recently repaid a $60 million EB-5 investment that was used to construct four ocean-going product tankers, according to CanAm Enterprises.
CanAm Enterprises represents 120 EB-5 immigrant investors. The EB-5 Immigrant Investor Program is administered by the United States Citizenship and Immigration Services. It allows qualified foreign investors the opportunity to earn a conditional, or temporary, two-year green card in return for investing in projects located in high unemployment areas. The projects must create at least 10 permanent full-time jobs for U.S. workers.
“We’ve introduced many EB-5 offerings in partnership with PIDC (Philadelphia Industrial Development Corp.) in Philadelphia over the years, and I am very grateful for the opportunity to work with PIDC,” Tom Rosenfeld, CanAm Enterprises president and CEO, said. “Together we’ve brought more than 18,000 jobs to Philadelphia.”
PIDC is Philadelphia’s city-wide economic development corporation and has partnered with CanAm for the past 16 years. CanAm previously funded a $20 million EB-5 investment that was repaid in 2012 that helped finance the expansion of the shipyard’s assembly and painting capacity.
Philly Shipyard is located on approximately 115 acres in Southeast Philadelphia on the site of a former U.S. Naval Shipyard and was converted into a mixed-use industrial park by the city.