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CMB Group 26 Cecil and the continued development of AllianceFlorida June 12, 2019

CMB’s Group 26 partnership was a lender to a Hillwood entity (HW), which used EB-5 investment funds in the financing of a 510,000 square foot distribution facility (Parcel A) in the former Naval Air Station Cecil Field. Group 26 loaned HW $8 million dollars for the construction of the roughly $26 million development, which was fully constructed in early 2015.

In 2009, HW won a competitive bid to become the master developer of the 4,474 acre Cecil Commerce Center, which is a portion of the former BRAC (Base Realignment and Closure Act) closed Naval Air Station Cecil Field that was owned by the City of Jacksonville, FL. HW rebranded the Cecil Commerce Center project with its premier Alliance brand, which HW reserves for large scale, long term, multimodal public-private projects.

Since the first I-526 petition was filed on 8/27/2014, all 16 limited partners within the partnership have been approved by the USCIS for conditional permanent residency and  almost all the limited partners have since filed their I-829 petitions to remove their conditions to be able to live permanently in the United States.

This article helps show what the benefits of EB-5 investment capital are in areas that get affected by base closures. CMB has helped finance multiple projects in former military bases that were affected by BRAC and but not for EB-5, many of these former military bases and surrounding areas might not have seen the economic impact they did.

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