Dock 79 is an example of how EB-5 financing can be used to help transform neglected and underserved neighborhoods into vibrant, thriving communities.
(PRWEB) August 01, 2015
EB5 Capital today announced that the United States Citizenship and Immigration Services (“USCIS”) has begun to issue I-526 Petition approvals for investors in EB5 Capital’s Dock 79 (formerly known as Riverfront at the Navy Yard) mixed-use project in the Capitol Riverfront neighborhood of Washington, D.C. The I-526 Petition is the first step in the process for immigrant investors seeking to become permanent residents of the United States by investing through Regional Centers in new, job-creating enterprises. The initial I-526 Petition approval confirms that the Dock 79 project meets the federal government’s economic development and job-creation requirements.
EB5 Capital raised $17 million in preferred equity financing from 34 immigrant investors to help finance Dock 79, the first phase of a multi-stage, mixed-use development that is revitalizing the Capitol Riverfront neighborhood along Washington, D.C.’s Anacostia River. Located directly south of the Washington Nationals’ baseball stadium, the development includes 305 luxury apartments and approximately 18,000 square feet of ground-floor retail. The project developers, MRP Realty and Florida Rock Properties, broke ground in the fall of 2014, and expect to complete construction in the summer of 2016.
“Dock 79 is an example of how EB-5 financing can be used to help transform neglected and underserved neighborhoods into vibrant, thriving communities,” said Angelique (Angel) Brunner, founder and president of EB5 Capital. “Mixed-used developments like this result in direct and indirect job-creation with long-lasting stimulus to economic development.”
EB5 Capital’s role is to connect qualified investors with superior job-creating projects that satisfy all requirements for the EB-5 Visa Program. In the I-526 Petition process, EB5 Capital prepares the project-related exhibits, including the business plan, appraisal, land deed, and budget. Individual investors work with immigration attorneys to present their qualifications, including evidence that the investment funds were obtained through lawful means. EB5 Capital coordinates with every attorney or foreign agent who works with its investors to ensure quality control.
EB5 Capital is one of only a handful of Regional Centers that has returned capital to investors across multiple transactions while maintaining a 100% approval rate for all I-526 and I-829 Petitions. This success comes from working with experienced development partners, using rigorous due diligence standards to select projects, and investing in strong real estate markets.
About EB5 Capital
EB5 Capital is a leader in the EB-5 immigrant investor industry, raising foreign capital for investment in job-creating real estate projects across the United States. EB5 Capital owns and operates USCIS approved Regional Centers in multiple states, most notably Washington, D.C., California, and New York, with 10 current and completed projects and three more in the pre-development phase. EB5 Capital has raised funds from immigrant investors in nearly 50 countries, maintaining a 100% approval rate for all past immigrant investor visa petitions. Read more at http://www.eb5capital.com.
About the USCIS EB-5 Visa Program
In 1990, Congress created the EB-5 Immigrant Investor Program to stimulate the U.S. economy through job creation and capital investment in U.S. businesses by foreign investors. In exchange for investing in a business that creates jobs for American workers, foreign nationals and their families can become permanent residents of the United States. The program’s name, “EB-5”, comes from the visa category for which immigrant investors apply – the Employment-Based 5th Visa. The program is administered by the United States Citizenship and Immigration Services (USCIS), an agency of the Department of Homeland Security.
About MRP Realty
Founded in 2005, MRP Realty is a real estate operating company focused on opportunistic and value-add investment in the northeastern United States, with offices in Washington, D.C., Maryland, Virginia, and Pennsylvania. MRP provides to its institutional capital partners a full array of real estate services including: acquisition/disposition, development/construction management, property management, asset management and financial reporting services. Since the company’s inception, MRP has deployed $2.4 billion in total capitalization, with another $2 billion of active residential, office, mixed-use, and industrial projects underway. MRP Realty’s combined development assets total more than 16 million square feet, with an additional 5 million under management. Read more at http://www.mrprealty.com.
About FRP Development Corp. / Florida Rock Properties
FRP Development Corp. / Florida Rock Properties, Inc. (FRP) is a Maryland based full service development company specializing in commercial and industrial real estate. Incorporated in May of 1989, the company is a wholly owned subsidiary of FRP Holdings, Inc., a Florida-based company, publicly traded on the NASDAQ Stock Market under the symbol “FRPH.” During the past twenty-six years the company has constructed twenty-six and purchased thirteen high quality office/warehouse facilities bringing its current thirty-nine building portfolio to over 3.6 million square feet under roof. Additional information can be found on our website at http://www.frpdev.com.