CMB Regional Centers, a leader in the EB-5 investor visa program, announces the acquisition of Cascadia Regional CenterOctober 22, 2019
THIS week, CMB expects to open its first EB-5 project within the geographic scope of the newly acquired Cascadia Regional Center. The new CMB Infrastructure Investment Group 71, L.P. (“CMB Group 71”) will serve as a lender to an affiliate of Fields Holdings, LLC to assist in the financing of the development and construction of a modern high-rise, off-campus student housing development. The project is located within the University District, adjacent to the University of Washington in Seattle, Washington. The project will feature modern furnishings and desirable amenities, including: a rooftop deck, indoor pool, fitness center, indoor basketball court, study room, lounge and first floor retail space. The 24-story residential tower will consist of approximately 230 units, 460 beds with a mix of studios and 1-5 bedroom units, along with 4,350 square feet of retail space, 27 underground parking spaces and a bike room with 86 stalls.
CMB Group 71 is expected to raise $27.5 million from 55 foreign national investors. The total project spending is expected to exceed $103 million and the estimated job creation from the development and construction is expected to be approximately 871 new American jobs. The project is located in a single census tract qualified targeted employment area (TEA) that complies with the current rules for TEAs and will qualify under the new rules for TEA’s as promulgated by the USCIS to go into effect November 21, 2019.
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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