AIG will probably need a year to draw 350 investors to the pool for Skyplex, Finkelstein said.
"For the developer, this is a fixed-rate loan for five years, and the interest rate on a loan of this size is typically 5.5 percent to 6.5 percent," he said. "You could compare this to a (commercial real estate) mezzanine loan, which would usually carry a 12 percent to 16 percent interest rate."
Wallack Holdings will put up 20 percent for the project as owner-operator, Wallack said. Of the remaining value, around 55 percent will likely come from EB-5 loans and 45 percent from commercial loans.
"The EB-5 program is wonderful because you are bringing in millionaires to the U.S. that are creating jobs on projects that our State Department has deemed long-term job creators," Wallack said.