EB-5 Project Update: CMB Regional Centers Repayment of Yet Another LoanFebruary 24, 2019
CMB is proud to announce the repayment of its CMB Export Infrastructure Investment Group XIII, LP (“Group XIII”) EB-5 investment loan. Group XIII loaned $20 million to assist in financing the development and construction of two Hillwood Development Company projects. The projects consisted of the development and construction of two industrial/logistics facilities in San Bernardino County, California with a total cost of $76 million.
The first facility, Southgate Building 4, finalized construction during 3rd quarter of 2013 and received its certificate of occupancy on August 7, 2013. Southgate Building 4 served as an expansion of Southgate Building 3, the first Amazon fulfillment center to commence operations in the state of California. Both buildings are currently under lease by Amazon and are home to over 2,000 full-time employees.
The second industrial facility, Chino Commerce Center, finalized construction during 1st quarter of 2014 and received its certificate of occupancy on March 21, 2014. Chino Commerce Center was later sold to an industrial/logistics REIT, Industrial Income Trust.
Collectively, the Group XIII Partnership created 447 indirect and induced jobs (based on actual project expenditures) from construction alone, or 11.2 jobs per investor, meeting and exceeding the job creation requirement of each Group XIII investor. Most importantly, investors in Group XIII have begun receiving approvals of their I-829 petitions.
Group XIII was CMB’s third EB-5 partnership featuring a Hillwood affiliate serving as borrower. Hillwood has now repaid each of these first three partnerships in full. CMB Infrastructure Investment Group VIII, LP and CMB Export Infrastructure Investment Group XII, LP have also received approvals at both the I-526 and I-829 stage and have begun returning capital to eligible investors.
To date, 1,334 EB-5 investors have placed their trust in CMB EB-5 partnerships serving as a lender to Hilllwood projects. These investors span 25 separate CMB EB-5 partnerships, of which 24 have received I-526 petition approval. The 25th partnership, CMB Infrastructure Investment Group 63, LP, is currently open and available for subscription with petitions on file and pending USCIS adjudication.
Hillwood’s expertise and consistency makes for a one of kind lender/borrower relationship. We are grateful for these past successes and optimistically look forward to celebrating many future successes to come.
Lastly, we would like to congratulate all who have placed their trust in the Group XIII Partnership. Your efforts have allowed for the creation of much needed new American jobs and has stimulated the U.S. economy.
CMB Regional Centers
7819 42 Street W
Rock Island, IL. 61201 USA