The NBA has discovered EB-5. Yes, that NBA. Professional Basketball. Specifically, the Sacramento Kings.
Actually, it is not the first time that the NBA has looked to EB-5 investors. The Nets play their home games in the Barclays Center in Brooklyn. That project was bankrolled, in part, with $249 million in EB-5 investments.
It is also not the first time that Sacramento has sought the aid of EB-5 investors. When the federal government closed McClellan Air Force Base, one of two bases in Sacramento that were closed, $18 million in EB-5 investments were used to help convert the base into a business park. Interestingly, the lead developer of that park is a minority owner of the Sacramento Kings, who are planning a $507 million arena and an additional $300 million of construction including a hotel/ office tower and an upscale shopping and dining district, the Downtown Commons.
Officials note that the project has “plenty of traditional funding” and that the EB-5 portion of the capital stack would represent only a small portion.
The developers consider the project as “an opportunity to introduce some of the mainland Chinese markets to the Sacramento market.”
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