Façade work is getting closer to completion on the NoMad Ritz Carlton, a 580-foot-tall hotel skyscraper at 1185 Broadway.
EB5 Capital’s 1900 Half Street Project Begins Leasing in Washington, DC
Washington, DC – EB5 Capital joins Douglas Development Corporation and PTM Partners in celebrating the launch of leasing at 1900 Half Street, one of the first multifamily developments in Washington, DC’s Buzzard Point neighborhood. The property consists of 453 luxury apartment units, with 17,000 square feet of commercial retail space.
1900 Half Street is located directly on the riverfront, which provides rare panoramic views of the Potomac and Anacostia Rivers. The project sits two blocks away from the newly built $300 million Audi Field, home to the DC United Major League Soccer team, and is also within a half-mile of Nationals Park, home of Major League Baseball’s Washington Nationals.
EB5 Capital funded $44.5 million from investors representing 16 different countries. “More than one-third of our EB-5 raise came from India,” said Anubhuti Dhand, EB5 Capital’s Investor Relations Manager. “Our Indian investors felt confident and secure with a multifamily apartment project located in this fast-developing neighborhood.”
1900 Half Street is a few blocks away from Dock79, another multifamily project financed by EB5 Capital in 2014. Dock79 is located in Capitol Riverfront, the next neighborhood over from Buzzard Point. Both properties are expected to benefit from new housing demand created by Amazon’s forthcoming HQ2, which is expected to bring an estimated 25,000 jobs to Arlington, Virginia, and is less than a 10-minute drive from both properties. The multifamily project also sits inside of a designated Opportunity Zone.
“Washington, DC is known as a stable safe-haven for real estate investments”, said Jon Mullen, Senior Vice President of Investments. “This particular submarket is completely transforming at a rapid pace and we are excited to be working with one of the most experienced developers in the nation’s capital.”
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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 28 projects, EB5 Capital maintains a 100% project approval rate from the USCIS. For more information, visit http://www.eb5capital.com.
EB5 Capital Celebrates the Opening of LA-Agoura Hills Marriott Hotels in Agoura Hills, California
Washington, DC – EB5 Capital joins Huntington Hotel Group (HHG) in celebrating the grand opening of the LA-Agoura Hills Marriott Hotels in Agoura Hills, CA. The property is a 225-room, dual-branded Marriott hotel complex, approximately 30 miles from the City of Los Angeles. The development features a 129-room Courtyard by Marriott and a 96-room TownePlace Suites by Marriott, with separate indoor lounges for each hotel brand, a courtyard bistro, and approximately 7,000 square feet of meeting space.
“Many of our investors are fond of the Golden State and we are delighted about the opening of another Marriott hotel project with HHG in California,’’ said Brian Ostar, EB5 Capital’s President. “We have experienced continuous success in our five partnerships with HHG and the opening of LA-Agoura Hills Marriott Hotels is a rewarding milestone for us and our investors.’’
EB5 Capital funded $20.5 million in the project as a preferred equity investment, creating over 550 EB-5 qualifying jobs for its 41 investors. The hotel includes an outdoor swimming pool with patio, fire pits, and barbecue areas. The project is located off the 101 Freeway just minutes from Calabasas and Conejo Valley corporate offices, and the beaches and vineyards of Malibu. It is the ideal hub for business trips or family vacations.
‘’We are excited to see this project become a driving force in drawing visitors to Agoura Hills as the state reopens,’’ said Jon Mullen, Senior Vice President of Investments. “We are looking forward to welcoming our investors for site tours whenever they are in the area.”
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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 28 projects, EB5 Capital maintains a 100% project approval rate from the USCIS. For more information, visit http://www.eb5capital.com.
Long-Awaited Construction Begins at 300 M in NoMa Neighborhood of Washington, DC
Washington, DC – After many project delays and some very difficult negotiations to protect its investors, EB5 Capital is pleased to announce the closing and subsequent groundbreaking of 300 M, the firm’s 17th EB-5 partnership. 300 M is a 457-unit, Class A multifamily development with approximately 10,000 square feet of ground-floor retail, located in the NoMa neighborhood of Washington, DC.
In April 2019, the site’s original developer announced it would not move forward with construction of the project, choosing instead to sell the land. The decision to halt development of the project placed EB5 Capital’s 49 EB-5 investors, their capital, and respective immigration processes into jeopardy.
“Having a partner decide to pause plans to develop a site tied to EB-5 money is a disastrous prospect for clients’ whose successful immigration to the United States is wholly dependent on subsequent job-creation from that investment,” said Brian Ostar, President of EB5 Capital. “There are a lot of Regional Centers that might have packed up, apologized to its clients, and taken the loss.”
After a rigorous marketing process, the buyer list for the site was narrowed in late 2019, with LCOR winning the selection process in February 2020. LCOR closed on the land and its partnership with EB5 Capital in June 2020. M&T Bank and Santander are providing the construction financing, which closed in July. EB5 Capital is investing $24.5 million in preferred equity into the development, which will be the firm’s 5th EB-5 project in the NoMa neighborhood, all within walking distance of one another.
“This experience tested our firm’s willpower and resiliency,” said Jon Mullen, Senior Vice President of Investments at EB5 Capital. “Looking back, the sale of the land and providing for a new development partner with a proven track record afforded a win-win pathway to getting shovels in the ground, delivering for our clients and the local economy through job-creation.”
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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 28 projects, EB5 Capital maintains a 100% project approval rate from the USCIS. For more information, visit http://www.eb5capital.com.
EB5 Capital Celebrates Opening of Nashville Virgin Hotel in Nashville, Tennessee
Washington, DC – EB5 Capital joins Virgin Hotels and The Buccini/Pollin Group in celebrating the grand opening of the Nashville Virgin Hotel located in Nashville, Tennessee. The property is a 14-story, 260-room Virgin hotel located on the city’s famed Music Row and walking distance from Vanderbilt University. Virgin Nashville is the 3rd Virgin Hotel to open in the United States, joining Chicago and Dallas as metro areas hosting Virgin’s 21st Century brand of hospitality.
“We’re thrilled about seeing this exciting hotel project open in Nashville,” said Brian Ostar, EB5 Capital’s President. “Virgin has utilized their extensive track record of exceptional customer service to ensure that guests feel safe and comfortable throughout their stay.”
EB5 Capital funded $44 million into the hotel project as a preferred equity investment. The hotel includes 18,000 square feet of event space, a uniquely-themed lounge, a rooftop bar, and a pool, as well as panoramic views of Nashville’s surrounding cityscape. The property was designed to meet demand for the Millennial-age traveler, interested in an updated hospitality experience.
“A project opening is an important milestone in the lifecycle of an EB-5 investment,” said Patrick Rainey, EB5 Capital’s Vice President of Investments. “Our project partners have done an amazing job navigating through the current conditions and we’re looking forward to the Nashville Virgin Hotel becoming a preferred-choice hotel experience in Nashville.”
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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.