Canadian Pension Fund, EB-5 Investors Take Heavy Losses at 1 Willoughby Square
Updated
Updated · Crain's New York Business · Jul 3
Canadian Pension Fund, EB-5 Investors Take Heavy Losses at 1 Willoughby Square
1 articles · Updated · Crain's New York Business · Jul 3
Summary
1 Willoughby Square inflicted steep losses on a major Canadian pension fund and on EB-5 investors tied to the Brooklyn office project.
The losses hit two distinct capital sources in the deal, underscoring how badly the property's value or recovery prospects deteriorated.
EB-5 investors — who typically fund projects in exchange for U.S. residency eligibility — were among those caught in the write-downs.
The outcome highlights the risks facing office-backed real estate investments as troubled projects spread pain across both institutional and immigration-linked investors.