WASHINGTON, June 24, 2021 (GLOBE NEWSWIRE) — Today EB5 Capital announced its receipt of an I-924 exemplar approval for its 1800 Half Street project, located in the Southwest waterfront area of Washington, DC. The United States Citizenship and Immigration Services (USCIS) approved the project in approximately eight months. At a recent Senate Judiciary Committee nomination hearing, the USCIS Director Ur Mendoza Jaddou declared that improving long processing times at the USCIS is a top priority in her new role.
“Raising capital overseas during the COVID-19 outbreak last year was challenging,” said Natalia Pronina, EB5 Capital’s Vice President of Investor Relations. “This swift project approval is encouraging to our investors who put their capital at risk during such an uncertain period for the global economy.”
EB5 Capital contributed $9 million from 10 foreign investors for an equity investment in MRP Realty’s development of an 11-story, 300,000 square foot multifamily development with 344 apartment units. The construction for 1800 Half Street began in Q3 2020 and the property is scheduled to open in late 2022.
“We are pleased to share this positive news about 1800 Half Street,” said Mariana Gomez, EB5 Capital’s Senior Vice President of Corporate Communications and Operations. “We closely monitor the status of our investors’ immigration petitions, and we expect to see individual I-526 approvals in the near future, given that the project documents have already been reviewed and approved by the USCIS.”
About EB5 Capital
EB5 Capital provides qualified investors from around the world with opportunities to invest in job-creating commercial real estate projects to obtain U.S. permanent residency, as well as private equity investments and secondary passports. For more information, visit http://www.eb5capital.com.