EB-5 News - CMB Group 69 and Continued Success in 2020
September 18, 2020 at 09:48 AM EDT
DALLAS, Sept. 18, 2020 (GLOBE NEWSWIRE) -- In a year seemingly dominated by change and challenges, our team at CMB Regional Centers would like to share some information regarding our most recent success: CMB Group 69: Grand Bohemian Hotel – Greenville. This partnership was the first EB-5 offering to complete its raise with investors at both the $500,000 and $900,000 TEA investment thresholds.
Our project development team first identified the Greenville, SC Grand Bohemian Hotel (a Marriott Autograph Collection Hotel from the Kessler Group) as a promising EB-5 opportunity in early 2019. The EB-5 offering was crafted with the future regulatory changes in mind and began accepting investors by Q3 2019, prior to the new EB-5 regulations implemented by the USCIS in November. The partnership was fully subscribed by Q2 2020.
With over 20 years of experience, CMB is one of the oldest and most successful regional center operators in the EB-5 Industry. We have been able to find success with new EB-5 offerings like Group 69 through:
Maintaining a worldwide approach to EB-5: CMB Group 69 includes investor families from 19 different countries. CMB EB-5 Partnerships overall include investors from 102 total countries! While some EB-5 operators rely on one ‘hot’ market at a time, or a select few marketing agents, CMB maintains a worldwide focus. We have what we believe is the largest, most diverse, most knowledgeable staff in the industry… many of whom are immigrants themselves. We also take great pride in the fact that many of our new EB-5 investors are word-of-mouth referrals from current/previous CMB Limited Partners.
A conservative mindset regarding EB-5 regulations: CMB was able to continue its EB-5 raise for Group 69 after the November regulatory changes for one simple reason: the project was located in a true Targeted Employment Area. In the past, many other regional centers had gotten away with ‘gerrymandering’ Targeted Employment Areas, so a lucrative project in a wealthy area could qualify for the lower EB-5 investment threshold. CMB was a strong supporter of the November regulatory changes that made this practice much more difficult. CMB has always taken the more conservative approach: we locate projects in areas of high unemployment, where the job creation is most needed, and structure our EB-5 offering around that opportunity.
A conservative approach to job creation: That each immigrant investor creates 10 new American jobs is the primary requirement, and purpose, of the EB-5 Investor Visa Program. This is the foundation of all CMB EB-5 opportunities. Our EB-5 partnerships rely solely on indirect/induced job creation, which results from construction spending. We also utilize completion guarantees from our borrowers to ensure construction will move forward as planned. The Group 69 project is projected to create 1,418 new American jobs, which is 27.8 jobs per Group 69 investor. Due to our strict requirements on job creation, CMB maintains a 100% project approval rate with the USCIS.
To date, through 75 different EB-5 partnerships, CMB has helped over 5,700 investor families pursue their EB-5 investor visa. Over 1,400 have achieved permanent residency in the United States (I-829 approval), and over 1,700 have seen a return of capital.
We at CMB believe that the best days of the EB-5 program lie ahead. We expect a sharp increase in subscriptions as we begin to move past the COVID-19 pandemic. We also believe the new USCIS regulations implemented in November bring the EB-5 program in line with its original purpose: to create jobs in the parts of the United States that need them most. If you would like to learn more about the EB-5 Investor Visa, or CMB’s current EB-5 offerings, please contact us here to schedule an initial phone call.
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.
If you would like to contact CMB Regional Centers please call +1-309-797-1550 or email us at email@example.com