There are still investor slots open and Inland Investor Visa Group 8 is working with Truax by actively pursuing investors in China.
Temecula, CA (PRWEB) November 06, 2012
Aimee Rios sat down with Bernie Truax, CEO of Truax Development, who is in the first phase of a mixed-use office building located in Old Town Temecula. Truax talks about how he was able to get funding through EB-5 generated capital. “EB-5 has done the construction loan . . . Chinese investors are not investing in the project, they’ve invested in the EB-5 loan center who has made us the loan . . . We have financing on there for the next five years.” said Truax.
American Redevelopment Solutions based in Irvine California is the EB-5 regional center working with Truax on the project, which is currently 50 percent leased. The 70,000 square foot, four-story building will be the headquarters for Truax Development and Truax’s charity Riverside Recovery Resources. It will also be occupied by Alexander Steel Sales. The ground floor will reflect a coffee house atmosphere with a restaurant, bank and retail shop, all of which are expansions of existing businesses. Truax however was not yet able to name the tenants, at their request. The second and third floor will be mixed use office spaces, and Traux Development and Alexander Steel will occupy the top floor. Truax said, “Although it will have all the technology of today, it will have the look and charm of an older year; a history of Temecula that would have grown naturally.”
Truax describes himself as an active owner, builder and developer. He invested the core money to get the land purchased for the project as well as the design and construction drawings before seeking EB-5 funds for construction.
There are still investor slots open and Inland Investor Visa Group 8 is working with Truax by actively pursuing investors in China. The city of Temecula has also been helpful with recruiting investors by hosting receptions at city hall. Traux said, “We give our Chinese investors a tour, we show them the properties, we show them the demographics and we use both cities [Temecula and Murrieta] to show the stability aspects their looking for.
The building is expected to be complete in June 2013.