Project updates
We are pleased to announce that one of our addiction treatment center deals, Westover, successfully received project application (I-956F) approval from USCIS as of January 17. We now look forward to adjudication of the Westover investors’ I-526Es.
Construction has started on our most recent addiction treatment center deal, Long Prairie, which is on track to open its doors in May of this year. To keep up with the progress, you can view the construction updates here. The I-956F was filed in April last year and approved for expedited processing in May.
Our latest expedited investment opportunity is the expansion of All Points North (“APN”). APN is a leading behavioral health company with a facility located outside Vail, Colorado. We are raising EB-5 capital to expand their facility, which is currently operating at full capacity. APN is a rapidly growing company that generated $57m in revenue last year and has raised over $100m from private equity investors.
Thanks to the investment’s humanitarian and national interest nature, APN investors can request USCIS to expedite their petitions. As a rural investment, it also qualifies investors for immediately available reserved visas.
EB-5 Related News
USCIS provided updated statistics earlier this month with data for the fiscal year ending in September 2023. It showed a strong upward trend in EB-5 filings, with almost 3,000 post-RIA I-526E filings through end of September. The early trend was a much higher proportion of high unemployment TEA filings (~70%) versus rural filings (~30%).
As of September, twelve I-956Fs (project application forms) had been approved and 231 I-956Fs were pending. We’ve heard of a number of I-956F approvals since then, and the number pending is probably 250+, which is an indication of how many projects are in the market looking to raise capital.
There were 63 I-526E approvals and no denials. There have been a lot more approvals since September, mostly for rural TEA investors that have benefitted from priority processing. For more information, please read Suzanne Lazicki’s blog here.
Attention Developers
In today’s challenging funding landscape, EB-5 capital has emerged as an attractive choice for developers. As one of the largest owners of Regional Centers in the country (see our RC coverage here) we are in a prime position to provide RC sponsorship. We currently sponsor dozens of EB-5 projects, offering developers a comprehensive compliance role and competitive pricing.
Our target project has a minimum $20m EB-5 raise, or at least 25 investors. In addition to our compliance service, we may be able to assist with the capital raise itself. If this opportunity is of interest, don’t hesitate to reach out.
