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CMB Group 73 celebrates ‘Topping Out’ milestoneJuly 29, 2021

CMB Regional Centers is proud to announce that the CMB Group 73 project recently achieved the important ‘topping out’ milestone. “Topping out” is the point in construction when the final steel beam is put in place to complete the building’s structural frame. Upon completion, which is anticipated in 2022, Exelixis, Inc., a biotech company focused on development of targeted cancer medications, will occupy the building’s nearly 220,000 (20,440 m2) of office space as its headquarters.

CMB Group 73 provided a Hillwood Development Company affiliate $10.5 million in EB-5 capital to assist in the funding of the project. The building is located on an approximately 5 acre (2 hectares) site in Alameda, California adjacent to the cities of Oakland and San Francisco. Economic evaluations of the project’s impact estimate the development will result in the creation of more than 440 permanent, full time, American jobs.

To date, the collaboration between CMB Regional Centers and Hillwood Development Company has encompassed 32 different projects throughout the U.S. and is considered to be the most successful EB-5 Regional Center / developer relationship in the history of the EB-5 program.

CMB Regional Center’s President, Noreen Hogan, stated, “How the jobs are being created and when the jobs are being created by this project should not be ignored. The jobs are being created during a critical time of economic recovery in a post-COVID-19 America. Most importantly, these jobs are being created as a result of the EB-5 regional center program and are being created at zero cost to the American taxpayer.”

Ms. Hogan also conveyed her thoughts on the current lapse of the EB-5 program:

“CMB has always put our focus on the needs of the investor and their family. The entire CMB team continues our work to serve our investors and to advocate for the EB-5 program’s re-authorization with lawmakers and stakeholders. The current lapse of the EB-5 regional center program authorization is ill-timed and comes at a time when America needs to maximize job creation and take advantage of the no-cost benefits of the EB-5 program. At CMB we stand ready to begin the work of preparing new American-job-creating EB-5 investments when Congress moves forward with a re-authorization.”

As the leader in the EB-5 industry, CMB will continue to send updates with new developments during this unprecedented situation. In the meantime, anyone interested in learning more about CMB or the EB-5 program should contact us HERE.

CMB engages Prevail Capital, LLC, a broker-dealer registered with the SEC and a member of FINRA and SIPC, to be the administrative placement agent for all CMB EB-5 partnerships.
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