NYCRC FINANCING Print

NEW YORK CITY REGIONAL CENTER TO PROVIDE FUNDING FOR FRESH DIRECT’S NEW FACILITY IN THE SOUTH BRONX

NYCRC to provide an $85 million loan to one of the nation’s leading online, direct-to-consumer food and grocery providers

NEW YORK, NY – July 16, 2015 – The New York City Regional Center (“NYCRC”) is pleased to announce that it is providing an $85 million loan to an affiliate of Fresh Direct, one of the nation’s leading online, direct-to-consumer food and grocery providers.  The EB-5 capital will assist with the construction of Fresh Direct’s new state-of-the art food processing, warehousing, and distribution center in the South Bronx.   The new food processing and distribution facility will be one of the largest in New York City and will allow Fresh Direct to expand its service area and operate more efficiently by consolidating operations into one facility.

The new facility will include space for food processing, warehousing, and distribution as well as corporate offices for Fresh Direct.  The Project site is located in an industrial park in the South Bronx known as the Harlem River Yard Transportation and Distribution Center.  The industrial park is on land owned the State of New York and has been designated a special “Industrial Business Zone” by the City of New York.

“New York City is home to a thriving food manufacturing, distribution, and retail industry,” said Paul Levinsohn, Managing Principal of the NYCRC.  “The construction of Fresh Direct’s new facility is a key component of the city’s efforts to strengthen and grow its food industry.  We look forward to working with Fresh Direct.”  

“This important project is also bringing new construction and permanent jobs to the South Bronx, an area of need of investment,” added George L. Olsen, Managing Principal of the NYCRC. 

The NYCRC was approved by the United States Citizenship and Immigration Services (USCIS) in 2008 to secure foreign investment for real estate and infrastructure projects within Brooklyn, Queens, Manhattan, and the Bronx.  NYCRC was the first regional center approved in New York City.  The NYCRC has become an important contributor to New York City’s economic revitalization by helping to fund a series of public/private real estate and infrastructure projects that are creating much needed jobs. 

NYCRC offerings include EB-5 funding to assist with the redevelopment of the Brooklyn Navy Yard, New York City’s largest industrial park, as well as funding to assist with the expansion of Steiner Studios, the city’s largest film and television production facility.  The NYCRC has also provided capital for key components of the Atlantic Yards project as well as the redevelopment of Downtown Brooklyn’s City Point project.  The NYCRC is assisting with the redevelopment of the George Washington Bridge Bus Station and the continuing efforts to revitalize Lower Manhattan’s waterfront and the business corridors in Washington Heights and the Bronx.  

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