The Refinery

Brooklyn, New York
EB5 Explained

New York project: I-956F approval, all jobs created, established developer, and regional center with 100% approval record

The Refinery at Domino project is a key component of the transformation of the Domino Sugar Factory into a state-of-the-art mixed-use facility. This redevelopment is part of the broader Domino Campus initiative, which has turned the Williamsburg waterfront into Brooklyn's most coveted neighborhood.  The Refinery will be a 14-story high-rise building encompassing 447,000 rentable square feet, with 390,000 square feet allocated for office space and 57,000 square feet for commercial and retail use on the ground floor and basement. For EB-5 investors concerned about compliance with USCIS requirements, this project has I-956F Project Approval and has already surpassed job creation requirements. Further, the regional center has sponsored related EB-5 projects in New York with 100% approval rates. Significant construction progress and early operational use for events and tenant occupancy minimize traditional construction risks and demonstrate the project's timeline readiness.  The developer team, Two Trees Management Group, is known for their expertise in New York real estate development with a portfolio valued at over $4 billion.

Investment Highlights

Area invested In

High-Unemployment TEA

I-526E Processing


Total EB-5 Raise


Total Project Cost

$264.6 million

Investment Amount


Investment Term

5 to 7 Years

Preferred Return*


Jobs Created to Date

2,100 (all EB-5 jobs created)

Required Jobs


Developer Equity

$178.8 million

I-956F Project Approval

The I-956F Project Approval on February 23, 2024, is a significant milestone that underscores the project's credibility and compliance with USCIS regulations and requirements.

Full Job Creation Requirements Met

As per the economist’s report in December 2023, as of September 2023, over 2,100 jobs have already been created by the Project, which is 43  jobs for each investor (more than four times the EB-5 requirement requirement).

Significant Progress in Construction

With its superstructure complete and a Temporary Certificate of Occupancy issued as of September 2023, the project has secured tenants and is hosting events, demonstrating the ability to attract tenants and generate revenue ahead of full completion.

Integration into the Domino Campus community

Integration into the Domino Campus community

Experience of developer and regional center

The developer has a successful track record in many New York's large-scale urban projects. The Regional Center's successful management of previous EB-5 ventures gives investors good cause for optimism.

Early repayment in case of project-related denial

If an investor I-526E petition is denied due to project deficiencies, the General Partner must attempt to make commercially reasonable efforts to return the EB-5 investor's capital.

Why Invest

Overall, this project will excite EB-5 investors looking for USCIS compliance and a long track record of development and regional center success — past projects boast a 100% approval rate. The stellar location in a thriving community is a key reason for financial optimism. Considerable construction progress and secured tenants are other key benefits. With all EB-5 job-creation requirements already fulfilled, this urban project will resonate with investors who value dependability as their prime criterion.

Domino Campus

A thriving residential and business community

The Domino Campus offers substantial benefits to the Refinery Project through its successful phased developments. The fully occupied 325 Kent Avenue, opened in 2017, includes ground-floor retail. The 5-acre Domino Park attracts nearly one million visitors annually and features Domino Square — a 1-acre plaza hosting various community events, located immediately south of The Refinery. The third phase at 260 Kent Avenue, completed in 2020, now hosts rental apartments, office space, and retail units. This thriving development environment enhances The Refinery's appeal, drawing visitors and fostering community engagement.

A thriving residential and business community

New York waterfront is an ideal place to live and do business

The Refinery project is ideally located in Williamsburg, Brooklyn, a vibrant mixed-use community. Situated on the Williamsburg waterfront, known as the Waterfront District, this neighborhood blends trendy dining, shopping, and cultural amenities with residential charm. The district, quieter than central Williamsburg yet rich in transportation options—including a subway stop from Manhattan, proximity to the East River Ferry, and extensive bike lanes—offers excellent connectivity, making it a prime spot to live and do business.

New York waterfront is an ideal place to live and do business
Current Development Status

Occupancy and revenue generation has already begun

The superstructure, floor plates, and major construction phases of the building are complete, with a Temporary Certificate of Occupancy issued in September 2023. The building’s glass façade and rooftop bar, the Skylight at the Refinery, are finished, with the bar already hosting events. All leases executed thus far meet or exceed projected rental rates. Current efforts are focused on customizing tenant spaces, aiming for completion by late 2024. Floors 3 and 4 feature pre-built office spaces to attract local businesses seeking premium, small-footprint offices. The premium-priced higher floors will be custom-finished to meet the needs of future tenants.

Job Creation

More than four times the required EB-5 jobs have been created

The Project's economist confirms that as of September 2023, over 2,100 jobs have already been created, 43 jobs per investor, over four times the necessary job creation quota. Job allocations will correspond with investors' conditional residency status. The Reform and Integrity Act of 2022 requires that for projects lasting more than two years, 10% of the jobs must be direct; the Project expects to create 1,198 direct jobs, far exceeding the required 43 jobs. 

Capital Stack

Substantial owner equity can provide investor confidence

The owner equity invested reached $178.8 million as of September 30, 2023, surpassing the initial $137.2 million commitment outlined in the 2022 business plan. This increase signifies the developer's exceptional financial dedication to the project's success. Additionally, $39.9 million in EB-5 capital is invested as preferred equity, positioned above the substantial Owner Equity and below the $80 million Senior Construction Loan from M&T Bank in the repayment hierarchy. The capital stack can help ensure EB-5 repayment before the repayment of owner equity.


Strong rental income from office and retail space

The project demonstrates a strong potential for rental income, with a projected annual base rental income of $28,322,256  from office and retail spaces via its projected stabilization in 2028.** Office spaces are estimated to rent for an average of $66 per square foot, and retail spaces will rent at $75 per square foot, based on conservative estimates from previous nearby leasing experiences and including a 10% vacancy rate as per the commercial market standard.

Management Experience

Regional center & developer recent EB-5 success

Both the regional center and developer enjoyed recent success with two other Domino Sugar redevelopment projects in the Brooklyn waterfront: 325 Kent Avenue and 1 South First/10 Grand Street, Brooklyn, NY (Formerly known as 260 KENT). 325 Kent, the first structure in the master plan, raised $27 million from 54 investors, creating 50 jobs per investor and achieving a 100% approval rate for both I-526 and I-829 petitions. 1 South First/10 Grand Street raised $28 million from 56 EB-5 investors, creating 65 jobs per investor, and to date has a 100% I-526 approval rate (I-829 petitions pending). The regional center also sponsored the 300 Ashland Place project in Brooklyn, NY, and raised $20 million from 40 EB-5 investors with a 100% I-526 and I-829 approval rate.

Project Approval

USCIS approved project’s I-956F application

On May 27, 2022, the Regional Center submitted Form I-956F, Application for Approval of an Investment in a Commercial Enterprise (the Project application). USCIS approved this application on February 23, 2024. The approval confirms that USCIS has reviewed the proposed investment and the Project's business plan meets the required program requirements.

Investor Protections

Investor repayment in the case of project-related petition detail

In the event of an I-526E denial due to project deficiencies, the General Partner must attempt to make commercially reasonable efforts to return the EB-5 investor's capital as per the Limited Partnership Agreement. If the necessary funds are not available at the time of the request, the EB-5 Investor may need to wait until a liquidation event of the Project occurs.


Two Trees Management Co. LLC


Domino Refinery LLC, an affiliate of Two Trees Management Company, is developing The Refinery for the Project company. Founded in 1968 by David Walentas and later joined by his son Jed in 1997, Two Trees Management Company is a New York-based real estate development firm with a portfolio valued at over $4 billion. The company owns and manages over 2,000 apartments and 3 million square feet of commercial and industrial real estate across New York City, employing around 300 people for property development and management. Two Trees is renowned for its transformative impact on the Brooklyn neighborhood of DUMBO (Down Under Manhattan Bridge Overpass), evolving it from an industrial district to a vibrant, creative mixed-use community that integrates and enhances the local arts scene.

David Walentas


David Walentas, founder of Two Trees Management Company, has developed a substantial portfolio including more than 2,000 apartments and over 3 million square feet of office and retail space. Inspired by New York City upon his arrival in 1968, Walentas was motivated to preserve the unique aspects of the city's neighborhoods, including their artistry and family-owned businesses. His vision led to the transformation of a once under-utilized area of Brooklyn into the thriving mixed-use community now known as DUMBO (Down Under the Manhattan Bridge Overpass). Walentas has led successful projects such as Mercedes House, One Fifth Avenue, Alwyn Court, and the Silk Building in Manhattan, along with notable developments in Brooklyn like the Clock Tower, Sweeney Building, and 110 Livingston. 

Jed Walentas


In 1997, Jed joined his father, David Walentas, at Two Trees Management Company. As the operational leader of Two Trees, Jed oversees all aspects of acquisition, development, construction, marketing, and leasing of the company's properties. Under his guidance, DUMBO has transformed from an industrial area into a vibrant community, with a diverse mix of commercial and residential tenants.  Jed has managed several significant projects, including Mercedes House, a 29-story mixed-use building in Manhattan, and the 30 Washington Street rehabilitation in the DUMBO Historic District. Other notable developments under his leadership include The Wythe Hotel in Williamsburg and 25 Washington Street in DUMBO. His recent projects include 300 Ashland, a 379-unit building in the Downtown Brooklyn Cultural District.

Daniel Shields

Regional Center CEO

Dan Shields founded AscendAmerica to provide high-quality, low-risk investment opportunities to foreign nationals through the EB-5 immigration program. Dan earned a law degree from the Cardozo School of Law and an MBA from the Wharton School of Business. He has over 20 years of experience in real estate finance. Before establishing AscendAmerica, Dan was the Administrative Vice President at M&T Bank, managing the New York City Commercial Real Estate Department, an $8 billion portfolio. Since founding AscendAmerica, Mr. Shields has successfully launched three EB-5 offerings to raise $75 million. Each of AscendAmerica’s offerings has been approved without a Request for Evidence (RFE) by USCIS, and to date, no investor's I-526E petition has been denied by USCIS.

Anne Holze

Regional Center COO

Anne Holzer is the Vice President and Chief Operating Officer at AscendAmerica, where she oversees the EB-5 business and manages corporate operations, systems, and resources. With over 25 years of experience in marketing, real estate, finance, and EB-5 industries, Anne has the analytical skills to properly conduct due diligence and adhere to policy. Previously, Anne was the Director of Marketing and Investor Relations at Ascend. Anne holds a BA from Yeshiva University.


*To align with EB-5 program regulations and maintain the principle of investor capital being at risk, annual returns are not guaranteed. The NCE relies solely on preferred return payments from the equity investment to meet these obligations. If the NCE’s net cash flow falls short of covering the total annual returns owed, any outstanding balance will accrue until there are adequate funds or proceeds from a capital event to fulfill the annual return obligations. Refer to the PPM and Limited Partnership Agreement for full details on the annual return. ** Financial forecasts are forward-looking statements based solely upon estimates by EB5 Marketplace and there is a risk of not meeting forecasted results and the loss of some or all of the investment proceeds. Note that the information contained in the forecast constitutes forward-looking statements, which involve risks and uncertainties. Actual results may differ significantly from the forecast for any number of reasons, including failure to achieve any of the assumptions underlying such forecast or any number of risk factors. EB5 Marketplace expressly disclaims any obligations or undertaking to release any updates or revisions to the forecast.


Securities are offered through Finalis Securities LLC Member FINRA / SIPC. EB5 Marketplace is not a registered broker-dealer, and Finalis Securities LLC and EB5 Marketplace are separate, unaffiliated entities. Finalis Privacy Policy | Finalis Business Continuity Plan | FINRA BrokerCheck (the “EB5 Marketplace Website”) is a website operated by EB5 Marketplace, a privately held company. EB5 Marketplace provides informational purposes only and does not offer to sell nor solicit an offer to buy any security that may be referenced herein.