Today, members of the EB5 Capital team joined IDI Group Companies in Woodbridge, VA to celebrate the Topping Off of our JF28 project, Rivergate. The Topping Off celebration is a long-standing tradition to show appreciation for the construction workers by thanking them for their efforts. As we all know, the past few years have been full of hardship, ambiguity, and difficulties because of the COVID-19 global pandemic, however, we are proud to say that the project has continued to push forward. Despite the rainy weather, the event marked a momentous and memorable occasion for all of those involved. Just outside of Washington, DC, when complete, the waterfront development will offer 318 multifamily units with a full range of luxurious amenities.
WASHINGTON, June 14, 2021 (GLOBE NEWSWIRE) — EB5 Capital joins Foulger-Pratt in celebrating the opening of two multifamily developments this month in Northeast Washington, DC.
Press House and One501 both opened on June 1, 2021. Press House, EB5 Capital’s 21st project, consists of two towers with 356 apartments and approximately 15,000 square feet of ground-floor retail. One501, EB5 Capital’s 26th project, offers 327 apartment units and 9,000 square feet of ground-floor retail. Both Press House and One501 are metro-accessible and only minutes away from DC’s renowned Union Market, a gourmet food hall that has become a mecca for food connoisseurs from around the DC area. EB5 Capital and Foulger-Pratt have collaborated on three EB-5 projects together.
“We congratulate Foulger-Pratt and EB5 Capital’s 135 foreign investors on these major milestones,” said Patrick Rainey, EB5 Capital’s Senior Vice President of Investments. “Both Press House and One501 are unique in their own ways and bring incredible value to the NoMa and Eckington submarkets.”
Over the past decade, the District of Columbia has experienced a 14.6% increase in its population, representing the seventh highest urban growth rate in the United States. Most COVID-19 restrictions have been recently lifted in DC and the multifamily market is experiencing a steady increase in demand. EB5 Capital continues to focus on multifamily investments in the DC metro area and is currently raising capital for a similar project.
About EB5 Capital
EB5 Capital provides qualified investors from around the world with opportunities to invest in job-creating commercial real estate projects to obtain U.S. permanent residency, as well as private equity investments and secondary passports. For more information, visit http://www.eb5capital.com.
Washington, DC – Roadside Development joins EB5 Capital in celebrating the repayment of EB5 Capital’s $12.5 million mezzanine loan invested in Roadside’s City Market at O Street project in the Shaw neighborhood of Washington, DC.
City Market at O Street is a one million square foot, mixed-use development in the heart of the Shaw neighborhood at 7th & O Streets NW. The project features 650 multifamily units, including a 90-unit affordable apartment building for the 55+ community, a 182-room Cambria Suites Hotel, and 90,000 square feet of retail including a grocery store. Originally built in 1881, the historic O Street Market, one of three 19-century public market buildings still standing in the city, is the cornerstone of this project. The market was restored into a state-of-the-art 78,000 square foot Giant Food Store.
The project financing included a complex mix of private and public funding sources. The more than $315 million multi-phased project incorporates private land and cash equity investments and $102 million of EB-5 financing, the first project in DC to receive EB-5 financing. The capital stack also included mezzanine debt, $35 million in tax-increment financing (TIF) bond proceeds from the District of Columbia, and a $128 million HUD-insured Section 220 multifamily mortgage, one of the largest ever for a mixed-use deal. This was a landmark project for the U.S. Department of Housing and Urban Development and was the only mixed-use development designated by the Obama Administration in 2011 as a high-priority project to be fast-tracked for its significant merit and job creation.
EB5 Capital participated in two phases of financing for this project. The first phase was repaid in 2014 and the second phase was successfully repaid this month. All eligible investors have received their permanent Green Cards and their capital back.
“Extraordinary creativity on the part of our financing team enabled us to achieve many milestones including accelerated delivery of senior housing and 15% more affordability,” said Richard Lake, Managing Partner at Roadside Development. “The innovative capital stack also facilitated an inventive approach to the infrastructure design and development that supported critical architectural and urban design objectives for the project and overall neighborhood.”
City Market at O Street ultimately repositioned two key city blocks in the heart of Shaw catalyzing over $1 billion in new investment dramatically improving the linkage of the historic Shaw neighborhood and Downtown. Roadside’s commitment to community-led to their funding a skills training initiative; 51% of new construction jobs went to area residents and $192 million of contracts to DC CBE’s, and over 2,400 jobs, including many for DC residents. “City Market at O Street is a perfect representation of what an EB-5 investment can do to help create needed jobs and increase the viability of underdeveloped neighborhoods,” said Angel Brunner, EB5 Capital’s CEO. “As we move into the new year, we expect EB-5 financing to be a key contributor in the COVID-19 economic recovery, similar to the way it served in the aftermath of the Great Recession of 2008. We look forward to welcoming investors and continuing this work in cities across the U.S.”
About Roadside Development, LLC
Roadside Development is a Washington DC-based real estate firm that values and invests in people – our employees, partners, business associates, and local communities. The high quality of our projects reflects that value and investment. Whether it is a catalytic urban redevelopment project or a large suburban mixed-use lifestyle center, Roadside Development is committed to providing only professional, innovative, and solution-based real estate services. Roadside Development is known for the successful adaptive reuse of City Market at O, Cityline at Tenley and the former Fannie Mae Headquarters – currently under construction. Learn more at www.roadsidedevelopment.com
About EB5 Capital
EB5 Capital is a leader in the EB-5 immigrant investor industry, raising $800 million in foreign capital from investors in more than 70 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.
Washington, DC – Today EB5 Capital announced it has surpassed $100 million in repayments to its EB-5 investors. The United States Citizenship and Immigration Services’ (USCIS) EB-5 Program permits foreign nationals and their immediate family to apply for US residency through an investment in a job-creating real estate project. Repayments to investors represent the successful investing and return of capital to clients.
“Since our work began in 2008, we’ve proven our ability to invest our clients’ money in sound, job-creating commercial real estate projects that fully meet the requirements set out by USCIS,” said Brian Ostar, EB5 Capital’s President. “Throughout this year, asset management has been our top-priority, and completing the full EB-5 cycle across a dozen projects is extremely rewarding to us, the clients we’ve repaid, and clients in earlier stages of their immigration process.”
EB5 Capital has increased the frequency of its communication with developer-partners and investors. Despite the changes brought on by the COVID-19 pandemic, the firm remains focused on operating efficiencies and the pursuit of sound EB-5 investment opportunities for those considering moving to the US through an EB-5 investment.
“The pandemic has caused quite a bit of uncertainty for our firm and clients this year,” said Juline Kaleyias, EB5 Capital’s Director of Business Development. “Though, our team is still very much committed, working harder and more efficiently than ever. We are delighted to deliver this good news.”
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.
“We’re pleased to welcome Angelique to our Board as her experience and entrepreneurial mindset will be of great benefit to our Board and firm,” said Brett White, Executive Chairman & CEO of Cushman & Wakefield.