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 CEO Comments on Recently Enacted Department of Homeland Security EB-5 Regulations

The following is a statement from EB5 Capital CEO, Angelique Brunner.

Washington, DC – “EB5 Capital remains optimistic about EB-5 development opportunities for 2020.  After closing all of our recent offerings, we are now preparing to launch exciting new EB-5 deals in the coming months – all compliant with the amended EB-5 regulations that became effective as of November 21, 2019.  We are working to provide the best opportunities available to our investors and to ensure that the program continues to thrive. We’re focused on three fronts.

“First, we are seeking to structure sound EB-5 investment opportunities that qualify at the $900,000 minimum investment amount and that are located in Targeted Employment Areas (TEA) as determined by the Department of Homeland Security (DHS). In our 27-project portfolio, we’ve focused on delivering EB-5 investments that pass stringent underwriting standards to protect our investors and their pathway to the United States. Our upcoming projects will adhere to the same due diligence process that has earned our firm 10 project repayments and five successful redeployment transactions.

“Second, we remain heavily involved with industry and government leaders in the pursuit of new EB-5 legislation that will provide certainty for the program and its use as an economic development tool. Our goal is to drive consensus on legislative reform, featuring strong integrity measures, and a revised minimum investment amount that will best serve the economic goals of the program.

“Third, EB5 Capital is closely following progress on the lawsuit filed against DHS in the United States District Court for the District of Columbia that could pause the new regulations, while industry stakeholders negotiate new legislation. We will continue to work with partners and share updates as this process unfolds.

“The EB-5 industry needs comprehensive reform to continue to deliver jobs to economically distressed areas, fulfill its mandate as a self-funded, job-creating program, and provide a pathway to the American dream for families willing to pursue it. I enthusiastically look forward to the next era of the EB-5 program.”

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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 six USCIS-authorized Regional Centers that serve 15 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.