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.” 

###

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 Breaks Ground on Eckington Park, Its 26th EB-5 Project

This month, EB5 Capital broke ground on its 26th EB-5 project, Eckington Park, a 327-unit luxury multifamily project in the Eckington neighborhood of Washington, DC. EB5 Capital is working with its experienced developer partner, Foulger-Pratt. This will be our third EB-5 project partnership with this developer.

Eckington Park is located immediately adjacent to Tanner Park. Currently under construction, Tanner Park is a new park being built by the NoMa Business Improvement District. Tanner — named for formerly enslaved woman Alethia Tanner who helped open the District’s first school for African American children in 1807 — will feature a large lawn, a children’s playground, and a dog park.

“We’re thrilled to be joining Foulger-Pratt for what will be our third time partnering on a DC multifamily project,” said Patrick Rainey, EB5 Capital’s Vice President of Investments. “Our company is committed to the development of the NoMa and Eckington neighborhoods and we’re thrilled to have another opportunity to bring much-needed jobs, commerce, and housing to a region of the District in need of all three.”

See the photo recap of the groundbreaking event below.