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.”
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.
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As the development wave in DC continues to push east, bustling new neighborhoods are emerging where vacant warehouses once sat. Historic buildings are being repurposed into trendy new apartment and office buildings, allowing the neighborhoods to preserve their industrial DNA, evoking comparisons to neighborhoods like Manhattan’s Meatpacking District and Brooklyn’s Williamsburg.
Many D.C. locals know the barrel-roofed Uline Arena as where the Beatles played their first North American concert in 1964, after appearing on The Ed Sullivan Show and whipping millions of American teens into a frenzy. But the building—used for a mix of sports and other events during its mid-20th-century prime—has witnessed a lot more history than that.
President Dwight Eisenhower’s 1953 inaugural ball was at Uline. Rudolf Nureyev danced there. Malcolm X and Elijah Muhammad spoke there. The Washington Lions hockey team and Washington Capitols basketball team both played in Uline, known from 1960 onwards as the Washington Coliseum.