The Preserve at Boulder Hills is 500 + acre enclave of 200 Luxury exclusive private residences, 92 woodland cabins, and a 150 room Hotel with Condos. The Preserve is now open for EB-5 investment.
For more information go to: thepreservi.com
EB-5 investments have backed many fantastic real estate projects all over America. EB-5 capital from China breathed new life into in Las Vegas, pumping millions into The Downtown Grand casino hotel project and also injected $50 million to part finance Trump Bay Street, a 50 story luxury rental apartment development, which is managed by President Trump’s son-in-law’s business, Kushner Companies.
The EB-5 immigrant investor programme enables foreign investors and their immediate families to obtain American green cards or permanent residency by investing $500,000 (R6, 725, 000) in businesses or real estate projects that create at least 10 full time jobs for Americans.
If you want to gain access to the American green card by adding luxury real estate to your international investment portfolio this can be done through a real estate fund, which will help finance the development of the iconic Surf Club Four Seasons Hotel & Residences. This 1930s property in Florida, was frequented by the likes of Frank Sinatra, Grace Kelley and Winston Churchill.
The Surf Club’s real estate developer, Miami based Fort Partners, is seeking to raise $100 million from 200 foreign investors, including South Africans, to transform the 9 acre historic property into a 77-key hotel, two 12 story residential towers, 13 penthouses and 40 beach cabanas, all designed by Pritzker Prize-winning architect, Richard Meier. The hotel will also feature two restaurants by Thomas Keller and Antonio Sersale of Positano’s famed Le Sirenuse as well as a spa, the shop Les Ateliers and the Turkish home-goods boutique, Haremlique.
In total, 9,800 jobs are expected to be created out of the project (over 40 per investor) which punches well above the requirement of the EB-5 program of creating at least 10 full time jobs for Americans. The renovation is set to be completed by March 2017. 7,947 Jobs have already been created. As per the USCIS May 30th, 2013 memo [Section IV, C entitled "The Creation of Jobs"; pg. 15 & 16], "If the project commences based on the interim or bridge financing prior to the receipt of the EB-5 capital and subsequently replaces it with EB-5 capital, the new commercial enterprise may still receive credit for the job creation under the regulations. “The Four Seasons/Surf Club project has already resulted in the creation of 7,947 total jobs within the Miami-Dade Workforce Drawing Area. All of these jobs qualify for EB-5 purposes.” — Kim Atteberry (Vermillion Consulting) Former Chief Economist of USCIS (August 2017)
Even though The Surf Club renovation is almost complete it is still possible for EB-5 investors to partake in backing the project and get credit for the job creation because the project started with interim or bridge financing. The USCIS allows a project to raise EB-5 capital to replace bridge financing and have the job creation count towards investors’ EB-5 requirements. The EB-5 loan will be the only debt on the project at funding and will have 3x collateral coverage in order to protect the EB-5 investor. The collateral is equity in the Four Seasons Hotel and Condominiums.
The Regional Center has ensured that it partners with only the most reputable and established luxury property developers with the expertise to see renovations of this magnitude to its final end. However, in the unlikely event of a default (i.e. Fort Partners refusing to pay back the loan) the fund will seize control of the equity in the project. This means that the fund will own the hotel and the unsold condominium inventory as well as any receivables from pre-sold condos.