New EB-5 Project Now Open For Subscription - Group 71 Limited PartnershipOctober 23, 2019
CMB Regional Centers is proud to announce that CMB Group 71 is ready to accept investors seeking an EB-5 visa through the regional center program. The target project of Group 71 is a modern high-rise, off-campus, student housing development within the University District, adjacent to the University of Washington in Seattle, Washington. It 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.
Construction activity at the site has already commenced in anticipation of CMB EB-5 funding and is scheduled to achieve full completion by 4th Quarter 2020. Total project spending will be approximately $103 million and the project is anticipated to create 871 model derived jobs using RIMS II, which represents a 58.4% job creation buffer for any EB-5 investors in the Group 71 partnership. Group 71 will make a loan of up to 27.5 million for the development and construction of the project, representing 55 EB-5 investors CMB
What advantages does this project have over others in the EB-5 marketplace today?
- The project is with CMB Regional Centers the #1 regional center when considering the following: #number of EB-5 projects, #number of subscribed EB-5 investors, total amount of EB-5 capital raised and the tenure of its CEO in the EB-5 marketplace.
- Group 71 will have third-party independent audits by an internationally recognized accounting firm of its financial records and immigration statistics on a yearly basis.
- Group 71 partnership documents and project documents are completely ready for any potential EB-5 investor wanting to invest before the new regulations become effective on November 21.
- Group 71 funds required for the project completion have been fully bridged in anticipation of the future CMB EB-5 funding being made available to the Project. In other words the entire capital stack is now in place. Should the EB-5 capital raise fall short, bridge funding can remain in place to complete the construction of the Project.
- Group 71 has other attributes that protect every investor in the partnership such as: completion guarantees, pledge of membership/ownership interest, and an interest reserve in place through the construction period.
- Group 71 is projected to create 158% of the jobs required under the USCIS guidelines.
- Group 71 is already under construction demonstrating that job creation is occurring.
- The project has received a third-party project appraisal by Colliers international supporting its financial feasibility.
- Group 71 qualifies under the current rules of TEA’s as well as the new regulations that will go into effect on November 21st.
- Group 71 has a TEA certification letter by the State of Washington.
- 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.