From the Times Ledger:
Financing for large developments has dried up across the United States, so the firm behind Flushing Commons, an $825 million, mixed-use project slated to break ground next year in the heart of downtown Flushing, has turned to Chinese money for help in getting a shovel into the ground.
Since the project cannot move forward until the city approves a financing plan, the company is looking “outside traditional financing methods because those methods are not available,” according to TDC President Mike Meyer.
“Our project is $825 million. That’s a heavy lift,” he said. “Since the financial markets here are not financing ground development in any substantial way, we’re going to have to utilize unconventional forms of financing, such as going to China.”
TDC, a Chinese-American firm with offices in China, is taking a number of steps in hopes of securing Chinese loans, including hosting a delegation of Chinese developers and real estate companies in Flushing, where they will tour Onex Real Estate’s $1 billion Sky View Parc development on College Point Boulevard and share a large dinner at TDC’s Queens Crossing building on Main Street.
TDC, which is currently building a “world trade center” project in Nanjing, China, that is 2.5 times the size of the 800,000-square-foot Flushing Commons, is also pursuing funding through the federal EB-5 visa program, which provides immigrant investors — TDC is looking mostly to Chinese nationals — with a pathway to obtaining green cards for investing $500,000 or more in American projects.