EB5 Capital announced that the United States Citizenship and Immigration Services (USCIS) has begun to issue I-526 Petition approvals for investors in EB5 Capital’s Dock 79 (formerly known as Riverfront at the Navy Yard) mixed-use project in the Capitol Riverfront neighborhood of Washington, D.C.
The I-526 Petition is the first step in the process for immigrant investors seeking to become permanent residents of the United States by investing through Regional Centers in new, job-creating enterprises.
The initial I-526 Petition approval confirms that the Dock 79 project meets the federal government’s economic development and job-creation requirements.
EB5 Capital raised $17 million in preferred equity financing from 34 immigrant investors to help finance Dock 79, the first phase of a multi-stage, mixed-use development that is revitalizing the Capitol Riverfront neighborhood along Washington, D.C.’s Anacostia River.
Located directly south of the Washington Nationals’ baseball stadium, the development includes 305 luxury apartments and approximately 18,000 square feet of ground-floor retail.
The project developers, MRP Realty and Florida Rock Properties, broke ground in the fall of 2014, and expect to complete construction in the summer of 2016.
“Dock 79 is an example of how EB-5 financing can be used to help transform neglected and underserved neighborhoods into vibrant, thriving communities,” said Angelique (Angel) Brunner, founder and president of EB5 Capital.
“Mixed-used developments like this result in direct and indirect job-creation with long-lasting stimulus to economic development.”
EB5 Capital’s role is to connect qualified investors with job-creating projects that satisfy all requirements for the EB-5 Visa Program.
In the I-526 Petition process, EB5 Capital prepares the project-related exhibits, including the business plan, appraisal, land deed, and budget.
Individual investors work with immigration attorneys to present their qualifications, including evidence that the investment funds were obtained through lawful means.
EB5 Capital coordinates with every attorney or foreign agent who works with its investors to ensure quality control.
EB5 Capital is one of only a handful of Regional Centers that has returned capital to investors across multiple transactions while maintaining a 100 percent approval rate for all I-526 and I-829 Petitions.
EB5 Capital owns and operates USCIS approved Regional Centers in multiple states, most notably Washington, D.C., California, and New York, with 10 current and competed projects and four more in the pre-development phase. E
B5 Capital has raised funds from immigrant investors in nearly 50 countries.