Press Release

Eckington Park Project Receives I-924 Exemplar Approval

Washington, DC – EB5 Capital announced today its receipt of an I-924 exemplar approval for its Eckington Parkproject, located in the Northeast corridor of Washington, DC. The United States Citizenship and Immigration Services (USCIS) approved the project in only nine months, while USCIS’ current average I-924 exemplar processing time is between 60 and 80.5 months.

“USCIS’ exemplar approval of Eckington Parkprovides an additional layer of confidence for the project’s investors,” said Brian Ostar, EB5 Capital’s Senior Vice President of Global Operations. “Securing USCIS approvals for our EB-5 projects is a responsibility we take very seriously.”

EB5 Capital is contributing a $31 million preferred equity investment in Foulger-Pratt’s development of the $115 million, 327-unit Class A multifamily project. Eckington Park will feature 9,000 square feet of retail and is located adjacent to the District of Columbia’s Tanner Park, an upcoming green space project, which will be home to a new playground, dog park, and amphitheater. The project is currently under construction and completion is expected in Q3 2021.

“Eckington Park is our firm’s sixth project in the area, all within walking distance of the growing NoMa neighborhood of Washington, DC,” said Patrick Rainey, EB5 Capital’s Vice President of Investments. “This development will offer an accessible, amenity-rich experience to an area that was in great need of additional housing and density.” 

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About EB5 Capital

EB5 Capital is a leader in the EB-5 immigrant investor industry, raising over $750 million in foreign capital from investors in more than 65 countries for investment in job-creating real estate projects across the United States. EB5 Capital owns and operates five USCIS-authorized Regional Centers that serve 14 states and the District of Columbia. With a portfolio of 27 projects, EB5 Capital maintains a 100% project approval rate from the USCIS. For more information, visit http://www.eb5capital.com.

EB5 Capital’s Investment in The Coliseum/Uline Arena Project Repaid Early by Douglas Development

Washington, DC – EB5 Capital announced today its $18 million preferred equity investment in The Coliseum project (now known as Uline Arena) has been repaid in full by its developer, Douglas Development Corporation (DDC). DDC and EB5 Capital have now partnered on three EB­­-5 projects, and the Coliseum marks DDC’s second early repaid partnership to EB5 Capital.

“For our investors, the full repayment of an EB-5 investment by a developer is an important moment in the lifecycle of an EB-5 project,” said Brian Ostar, EB5 Capital’s Senior Vice President of Global Operations. “Clients place a great deal of trust in our due diligence process to select EB-5 projects capable of returning funds on time and we’re happy to have met that mark for our limited partners invested in the Coliseum.”

The Coliseum is now home to one of only five flagship REI retail stores across the United States. Additional office and retail space in the building is occupied by organizations such as Red Bear Brewery, Pact, Antunovich Associates, and Goodwill Industries International. The project has fully satisfied the EB-5 program requirements by creating more than enough qualifying jobs for 36 investors who are now looking forward to completing their immigration process.

“The Coliseum is the first of EB5 Capital’s six EB-5 projects in the NoMa neighborhood of Washington, DC, all within several short city blocks of one another,” said Juline Kaleyias, Director of Investor Relations. “Our commitment to redeveloping this area is a case study in how we think the EB-5 program is best put to use. We look forward to continuing our work in this region of our nation’s capital.”  

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About EB5 Capital

EB5 Capital is a leader in the EB-5 immigrant investor industry, raising over $680 million in foreign capital from investors in more than 60 countries for investment in job-creating real estate projects across the United States. EB5 Capital owns and operates six USCIS-authorized Regional Centers that serve 15 states and the District of Columbia. With a portfolio of 26 projects, EB5 Capital maintains a 100% project approval rate from the USCIS. For more information, visit http://www.eb5capital.com.