EB5 Capital Begins Receiving I-829 Approvals for San Jose Marriott Hotels Project

Posted by Juline Kaleyias on

Washington, DC – EB5 Capital announced today that investors in its San Jose Marriott Hotels project have begun receiving I-829 approvals from United States Citizenship and Immigration Services (USCIS). USCIS issues approval of the removal of conditions of residency for EB-5 investors who have completed their conditional residency period and have demonstrated that their investment has resulted in the creation of at least 10 full-time jobs. I-829 approvals permit continued residence in the U.S. without conditions or restrictions and opens a path to U.S. citizenship for EB-5 investors.

“An I-829 approval demonstrates the complete success of a project chosen by a regional center, affirming the project has met USCIS job creation requirements,” said Angelique Brunner, EB5 Capital’s President. “We look forward to seeing additional notices of I-829 approvals for this project in the coming weeks.”

San Jose Marriott Hotels is a $35 million equity investment in Huntington Hotel Group’s construction of a dual-branded Marriott Residence Inn (175 keys) and SpringHill Suites (146 keys) hotel in San Jose, CA. Located only a half mile away from San Jose International Airport and five minutes from downtown San Jose, the hotels opened in 2015 and continue to outperform their original operating projections, consistently rating as top performers among their competitive hotel set. The project created more than 1,230 EB-5 qualifying jobs, which is over 17 jobs per investor.

“Our ability to help investors achieve permanent residency in the United States is one of the key criteria for someone considering an EB-5 investment,” said Natalia Pronina, Investor Relations Manager. “We look forward to continuing our work and maintaining a flawless track record of projects successfully reaching the I-829 approval stage.”

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About EB5 Capital

EB5 Capital is a leader in the EB-5 immigrant investor industry, raising foreign capital from investors in more than 55 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 25 projects, EB5 Capital maintains a 100% project approval rate from the USCIS. For more information, visit http://www.eb5capital.com.

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Angel Brunner, Founder and President, EB5 Capital

Angel Brunner remembers her fight to fund two new Marriott hotels at the San Jose International Airport during the last downturn. Though fully entitled and flagged, the project failed to get financing because of the market’s paralysis at that time. Nevertheless, by working long and hard with the City of San Jose, the hotel industry association and the Department of Commerce, Angel was able to make a case that hotel projects create jobs, and successfully secured EB-5 financing to help develop the first new hotel in 20 years for that submarket of San Jose. Angel credits her ability to complete projects to her training in finance, economics and urban planning, as well as deep experience in effectively building an innovative capital stack. Even so, assuring her development partners that the regulatory framework surrounding foreign capital investment will remain predictable is an ongoing challenge. As an international adventurer, Angel takes an occasional hike of the Great Wall during her regular trips to China, or opts for visits to exciting places like the world’s tallest treehouses in Laos.

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Swensons Start 2nd Century in Silicon Valley

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As a leader of his own construction company, Swenson Development & Construction, for over twenty years, Case Swenson had the pedigree of a builder family that has been a major player in Silicon Valley development for a century. In 2013 he has devoted more time to a family business that his father, Barry, a perennial valley fixture had been running for over three decades.

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Foreigners Finance Real Estate Development to Gain U.S. Citizenship

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People seeking U.S. citizenship are financing Bay Area real estate projects using an obscure federal immigration program that grants green cards in exchange for capital investment. San Jose-based Barry Swenson Builder broke ground May 15 on an $80 million two-hotel complex east of the Mineta San Jose International Airport for which 40 percent of the cost is to come from equity raised from foreign investors.

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