Drai’s Nightclub and Delphine Restaurant
EB-5 financing placement for tenant improvements.
EB-5 Funding: $16.5 Million
Developer and equity partner required $15 – 20 million in additional project funding to complete project. Securing additional project funding at the depths of the recession was extremely challenging from typical sources.
Kosmont Companies worked closely with the private developer and its equity partner in addition to its existing lender to provide additional financing that was beneficial to all parties. Structured a financing solution that provided funding directly to the build-out of the restaurant and bar facilities, meeting the job creation requirements of the EB-5 program.
Raised $16.5 million for the project at an interest rate that was significantly lower than other financing options such as mezzanine debt. Brand new hotel with premiere restaurant and bar venues opened on schedule. Over 400 jobs created.