Angel Brunner Joins Yahoo Finance to Discuss 2021 Commercial Real Estate Outlook
“Commercial real estate is going to trail residential because residential leases are shorter. What you have seen is residential numbers plummet in Silicon Valley and San Francisco. You’re hearing about multifamily down 40% in rents. Commercial is going to follow that because commercial leases tends to be five years or more and landlords have the ability to hold the line.”
Roadside Development Repays EB5 Capital’s Investment in City Market at O Street
Washington, DC – Roadside Development joins EB5 Capital in celebrating the repayment of EB5 Capital’s $12.5 million mezzanine loan invested in Roadside’s City Market at O Street project in the Shaw neighborhood of Washington, DC.
City Market at O Street is a one million square foot, mixed-use development in the heart of the Shaw neighborhood at 7th & O Streets NW. The project features 650 multifamily units, including a 90-unit affordable apartment building for the 55+ community, a 182-room Cambria Suites Hotel, and 90,000 square feet of retail including a grocery store. Originally built in 1881, the historic O Street Market, one of three 19-century public market buildings still standing in the city, is the cornerstone of this project. The market was restored into a state-of-the-art 78,000 square foot Giant Food Store.
The project financing included a complex mix of private and public funding sources. The more than $315 million multi-phased project incorporates private land and cash equity investments and $102 million of EB-5 financing, the first project in DC to receive EB-5 financing. The capital stack also included mezzanine debt, $35 million in tax-increment financing (TIF) bond proceeds from the District of Columbia, and a $128 million HUD-insured Section 220 multifamily mortgage, one of the largest ever for a mixed-use deal. This was a landmark project for the U.S. Department of Housing and Urban Development and was the only mixed-use development designated by the Obama Administration in 2011 as a high-priority project to be fast-tracked for its significant merit and job creation.
EB5 Capital participated in two phases of financing for this project. The first phase was repaid in 2014 and the second phase was successfully repaid this month. All eligible investors have received their permanent Green Cards and their capital back.
“Extraordinary creativity on the part of our financing team enabled us to achieve many milestones including accelerated delivery of senior housing and 15% more affordability,” said Richard Lake, Managing Partner at Roadside Development. “The innovative capital stack also facilitated an inventive approach to the infrastructure design and development that supported critical architectural and urban design objectives for the project and overall neighborhood.”
City Market at O Street ultimately repositioned two key city blocks in the heart of Shaw catalyzing over $1 billion in new investment dramatically improving the linkage of the historic Shaw neighborhood and Downtown. Roadside’s commitment to community-led to their funding a skills training initiative; 51% of new construction jobs went to area residents and $192 million of contracts to DC CBE’s, and over 2,400 jobs, including many for DC residents. “City Market at O Street is a perfect representation of what an EB-5 investment can do to help create needed jobs and increase the viability of underdeveloped neighborhoods,” said Angel Brunner, EB5 Capital’s CEO. “As we move into the new year, we expect EB-5 financing to be a key contributor in the COVID-19 economic recovery, similar to the way it served in the aftermath of the Great Recession of 2008. We look forward to welcoming investors and continuing this work in cities across the U.S.”
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About Roadside Development, LLC
Roadside Development is a Washington DC-based real estate firm that values and invests in people – our employees, partners, business associates, and local communities. The high quality of our projects reflects that value and investment. Whether it is a catalytic urban redevelopment project or a large suburban mixed-use lifestyle center, Roadside Development is committed to providing only professional, innovative, and solution-based real estate services. Roadside Development is known for the successful adaptive reuse of City Market at O, Cityline at Tenley and the former Fannie Mae Headquarters – currently under construction. Learn more at www.roadsidedevelopment.com
About EB5 Capital
EB5 Capital is a leader in the EB-5 immigrant investor industry, raising $800 million in foreign capital from investors in more than 70 countries for investment in job-creating real estate projects across the United States. EB5 Capital owns and operates five USCIS-authorized Regional Centers that serve 14 states and the District of Columbia. With a portfolio of 28 projects, EB5 Capital maintains a 100% project approval rate from the USCIS. For more information, visit http://www.eb5capital.com.
EB5 Capital Achieves $100+ Million Repayment Milestone
Washington, DC – Today EB5 Capital announced it has surpassed $100 million in repayments to its EB-5 investors. The United States Citizenship and Immigration Services’ (USCIS) EB-5 Program permits foreign nationals and their immediate family to apply for US residency through an investment in a job-creating real estate project. Repayments to investors represent the successful investing and return of capital to clients.
“Since our work began in 2008, we’ve proven our ability to invest our clients’ money in sound, job-creating commercial real estate projects that fully meet the requirements set out by USCIS,” said Brian Ostar, EB5 Capital’s President. “Throughout this year, asset management has been our top-priority, and completing the full EB-5 cycle across a dozen projects is extremely rewarding to us, the clients we’ve repaid, and clients in earlier stages of their immigration process.”
EB5 Capital has increased the frequency of its communication with developer-partners and investors. Despite the changes brought on by the COVID-19 pandemic, the firm remains focused on operating efficiencies and the pursuit of sound EB-5 investment opportunities for those considering moving to the US through an EB-5 investment.
“The pandemic has caused quite a bit of uncertainty for our firm and clients this year,” said Juline Kaleyias, EB5 Capital’s Director of Business Development. “Though, our team is still very much committed, working harder and more efficiently than ever. We are delighted to deliver this good news.”
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About EB5 Capital
EB5 Capital is a leader in the EB-5 immigrant investor industry, raising over $750 million in foreign capital from investors in more than 65 countries for investment in job-creating real estate projects across the United States. EB5 Capital owns and operates five USCIS-authorized Regional Centers that serve 14 states and the District of Columbia. With a portfolio of 28 projects, EB5 Capital maintains a 100% project approval rate from the USCIS. For more information, visit http://www.eb5capital.com.
Investor Spotlight: Linda Ciklik
Since 2008, EB5 Capital’s team has had the privilege to frequently interact with a diverse and accomplished set of investors from 65 countries who have all decided to make the United States their new home. Every so often, through our Investor Spotlight series, we enjoy taking the opportunity to feature some of our past clients and share their immigration experience with you. Each of these investors has graciously allowed us to share their story.
At the beginning of the year, before the COVID-19 outbreak unraveled in the Western Hemisphere, our CEO and Founder, Angel Brunner, and our Investor Relations Manager for Latin America, Andrea Devis Focke, spent a few days meeting with investors in Mexico City. One of the visits was with Mrs. Linda Ciklik, the mother of one of our investors.
Mrs. Linda Ciklik is a committed philanthropist who cares deeply about helping vulnerable women and promoting educational opportunities for children in difficult situations. During the time shared, Linda and Angel made a meaningful connection. She provided Angel and Andrea a tour around WIZO, a non-profit organization she has been deeply involved with for over 40 years. Linda vividly explained their mission, described her dedicated involvement, and how a network of over 350 active female volunteers across Mexico focus on improving the lives of their society’s most vulnerable women and children.
Founded in London in 1920 and in Mexico in 1940, WIZO is a non-profit organization that has chapters in over 50 countries and consultative statuses at the United Nations Children’s Emergency Fund (UNICEF) and the Economic and Social Council (ECOSOC). WIZO members create programs to support shelters for battered women and girls in distress, as well as childcare centers, schools, and services for the elderly.
Touched by Linda’s philanthropic work, Angel asked how EB5 Capital could support its mission. In recognition of the 100th anniversary of the 19th Amendment and women’s constitutional right to vote in the United States, EB5 Capital is making a donation to WIZO. Our support will help Linda’s effort in raising over $50,000 to purchase much-needed medical equipment that will go to a children’s hospital.
“Connecting and learning about our investors, like we did with Linda in Mexico, is what motivates us to keep going,” said Angel. “My team and I believe in being global citizens that look for ways to create meaningful connections, bridge stronger ties with the United States, and give back to our investors’ home societies.”
Linda shared some of her experiences with us:
Can you please share with us how WIZO became involved with the National Institute of Pediatrics (the children’s hospital), and its effort to fundraise for medical equipment?
WIZO is constantly looking for possibilities to help women and children in vulnerable situations. In our years of dedication to this mission, we have furnished 56 low-income schools in Mexico. Due to the pandemic and for obvious reasons, schools are closed, so our relief efforts had to go elsewhere. We had the opportunity to meet the president of the board of trustees of the National Institute of Pediatrics, who told us about the enormous needs of this center. We saw this as an extraordinary opportunity to continue supporting and that is why we decided to contribute to the INP since this hospital cares for children whose families do not have health insurance or any type of help.
How has your 40+ year involvement in WIZO shaped you? Can you share with us some of the most impactful programs that you were involved in and feel proud of?
My involvement with WIZO started with a group called Shalom, which means Peace or Well-Being. For the last 18 years, I have dedicated myself with a group of colleagues to provide self-esteem classes to heads of families who are part of the community of parents of the 50 low-income schools that WIZO has furnished in Mexico. I feel immensely proud to belong to the Jewish community in Mexico and to be part of a great international organization that focuses on providing opportunities to develop and grow as a woman. Being surrounded by women of all ages with the same purpose of helping has played a particularly important role in my life.
Linda, you have three daughters who are already mothers. One already lives in the United States and another is in the process through one of our EB-5 projects. As a woman who has focused on creating opportunities and helping others, what are some of the values that you would like your daughters to uphold and share with the next generation?
I have raised my daughters with very strong values. I have always wanted them to be independent women and to always put themselves in the other’s shoes and be willing to help. I am so proud of them! They are professional women with big hearts. I hope they convey to my granddaughters the great value of helping others.
We thank Linda for sharing her story and teaching us about the important work WIZO is doing around the world. If you are interested in contributing to WIZO’s Mexico chapter to help purchase medical equipment for children in Mexico, you can donate or we can make a direct connection to the organization for you.
Bisnow: Cushman & Wakefield Names EB5 Capital CEO To Board of Directors
“We’re pleased to welcome Angelique to our Board as her experience and entrepreneurial mindset will be of great benefit to our Board and firm,” said Brett White, Executive Chairman & CEO of Cushman & Wakefield.
EB5 Capital’s 1900 Half Street Project Begins Leasing in Washington, DC
Washington, DC – EB5 Capital joins Douglas Development Corporation and PTM Partners in celebrating the launch of leasing at 1900 Half Street, one of the first multifamily developments in Washington, DC’s Buzzard Point neighborhood. The property consists of 453 luxury apartment units, with 17,000 square feet of commercial retail space.
1900 Half Street is located directly on the riverfront, which provides rare panoramic views of the Potomac and Anacostia Rivers. The project sits two blocks away from the newly built $300 million Audi Field, home to the DC United Major League Soccer team, and is also within a half-mile of Nationals Park, home of Major League Baseball’s Washington Nationals.
EB5 Capital funded $44.5 million from investors representing 16 different countries. “More than one-third of our EB-5 raise came from India,” said Anubhuti Dhand, EB5 Capital’s Investor Relations Manager. “Our Indian investors felt confident and secure with a multifamily apartment project located in this fast-developing neighborhood.”
1900 Half Street is a few blocks away from Dock79, another multifamily project financed by EB5 Capital in 2014. Dock79 is located in Capitol Riverfront, the next neighborhood over from Buzzard Point. Both properties are expected to benefit from new housing demand created by Amazon’s forthcoming HQ2, which is expected to bring an estimated 25,000 jobs to Arlington, Virginia, and is less than a 10-minute drive from both properties. The multifamily project also sits inside of a designated Opportunity Zone.
“Washington, DC is known as a stable safe-haven for real estate investments”, said Jon Mullen, Senior Vice President of Investments. “This particular submarket is completely transforming at a rapid pace and we are excited to be working with one of the most experienced developers in the nation’s capital.”
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About EB5 Capital
EB5 Capital is a leader in the EB-5 immigrant investor industry, raising over $750 million in foreign capital from investors in more than 65 countries for investment in job-creating real estate projects across the United States. EB5 Capital owns and operates five USCIS-authorized Regional Centers that serve 14 states and the District of Columbia. With a portfolio of 28 projects, EB5 Capital maintains a 100% project approval rate from the USCIS. For more information, visit http://www.eb5capital.com.
EB5 Capital Celebrates the Opening of LA-Agoura Hills Marriott Hotels in Agoura Hills, California
Washington, DC – EB5 Capital joins Huntington Hotel Group (HHG) in celebrating the grand opening of the LA-Agoura Hills Marriott Hotels in Agoura Hills, CA. The property is a 225-room, dual-branded Marriott hotel complex, approximately 30 miles from the City of Los Angeles. The development features a 129-room Courtyard by Marriott and a 96-room TownePlace Suites by Marriott, with separate indoor lounges for each hotel brand, a courtyard bistro, and approximately 7,000 square feet of meeting space.
“Many of our investors are fond of the Golden State and we are delighted about the opening of another Marriott hotel project with HHG in California,’’ said Brian Ostar, EB5 Capital’s President. “We have experienced continuous success in our five partnerships with HHG and the opening of LA-Agoura Hills Marriott Hotels is a rewarding milestone for us and our investors.’’
EB5 Capital funded $20.5 million in the project as a preferred equity investment, creating over 550 EB-5 qualifying jobs for its 41 investors. The hotel includes an outdoor swimming pool with patio, fire pits, and barbecue areas. The project is located off the 101 Freeway just minutes from Calabasas and Conejo Valley corporate offices, and the beaches and vineyards of Malibu. It is the ideal hub for business trips or family vacations.
‘’We are excited to see this project become a driving force in drawing visitors to Agoura Hills as the state reopens,’’ said Jon Mullen, Senior Vice President of Investments. “We are looking forward to welcoming our investors for site tours whenever they are in the area.”
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About EB5 Capital
EB5 Capital is a leader in the EB-5 immigrant investor industry, raising over $750 million in foreign capital from investors in more than 65 countries for investment in job-creating real estate projects across the United States. EB5 Capital owns and operates five USCIS-authorized Regional Centers that serve 14 states and the District of Columbia. With a portfolio of 28 projects, EB5 Capital maintains a 100% project approval rate from the USCIS. For more information, visit http://www.eb5capital.com.
Long-Awaited Construction Begins at 300 M in NoMa Neighborhood of Washington, DC
Washington, DC – After many project delays and some very difficult negotiations to protect its investors, EB5 Capital is pleased to announce the closing and subsequent groundbreaking of 300 M, the firm’s 17th EB-5 partnership. 300 M is a 457-unit, Class A multifamily development with approximately 10,000 square feet of ground-floor retail, located in the NoMa neighborhood of Washington, DC.
In April 2019, the site’s original developer announced it would not move forward with construction of the project, choosing instead to sell the land. The decision to halt development of the project placed EB5 Capital’s 49 EB-5 investors, their capital, and respective immigration processes into jeopardy.
“Having a partner decide to pause plans to develop a site tied to EB-5 money is a disastrous prospect for clients’ whose successful immigration to the United States is wholly dependent on subsequent job-creation from that investment,” said Brian Ostar, President of EB5 Capital. “There are a lot of Regional Centers that might have packed up, apologized to its clients, and taken the loss.”
After a rigorous marketing process, the buyer list for the site was narrowed in late 2019, with LCOR winning the selection process in February 2020. LCOR closed on the land and its partnership with EB5 Capital in June 2020. M&T Bank and Santander are providing the construction financing, which closed in July. EB5 Capital is investing $24.5 million in preferred equity into the development, which will be the firm’s 5th EB-5 project in the NoMa neighborhood, all within walking distance of one another.
“This experience tested our firm’s willpower and resiliency,” said Jon Mullen, Senior Vice President of Investments at EB5 Capital. “Looking back, the sale of the land and providing for a new development partner with a proven track record afforded a win-win pathway to getting shovels in the ground, delivering for our clients and the local economy through job-creation.”
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About EB5 Capital
EB5 Capital is a leader in the EB-5 immigrant investor industry, raising over $750 million in foreign capital from investors in more than 65 countries for investment in job-creating real estate projects across the United States. EB5 Capital owns and operates five USCIS-authorized Regional Centers that serve 14 states and the District of Columbia. With a portfolio of 28 projects, EB5 Capital maintains a 100% project approval rate from the USCIS. For more information, visit http://www.eb5capital.com.
EB5 Capital Celebrates Opening of Nashville Virgin Hotel in Nashville, Tennessee
Washington, DC – EB5 Capital joins Virgin Hotels and The Buccini/Pollin Group in celebrating the grand opening of the Nashville Virgin Hotel located in Nashville, Tennessee. The property is a 14-story, 260-room Virgin hotel located on the city’s famed Music Row and walking distance from Vanderbilt University. Virgin Nashville is the 3rd Virgin Hotel to open in the United States, joining Chicago and Dallas as metro areas hosting Virgin’s 21st Century brand of hospitality.
“We’re thrilled about seeing this exciting hotel project open in Nashville,” said Brian Ostar, EB5 Capital’s President. “Virgin has utilized their extensive track record of exceptional customer service to ensure that guests feel safe and comfortable throughout their stay.”
EB5 Capital funded $44 million into the hotel project as a preferred equity investment. The hotel includes 18,000 square feet of event space, a uniquely-themed lounge, a rooftop bar, and a pool, as well as panoramic views of Nashville’s surrounding cityscape. The property was designed to meet demand for the Millennial-age traveler, interested in an updated hospitality experience.
“A project opening is an important milestone in the lifecycle of an EB-5 investment,” said Patrick Rainey, EB5 Capital’s Vice President of Investments. “Our project partners have done an amazing job navigating through the current conditions and we’re looking forward to the Nashville Virgin Hotel becoming a preferred-choice hotel experience in Nashville.”
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About EB5 Capital
EB5 Capital is a leader in the EB-5 immigrant investor industry, raising over $750 million in foreign capital from investors in more than 65 countries for investment in job-creating real estate projects across the United States. EB5 Capital owns and operates five USCIS-authorized Regional Centers that serve 14 states and the District of Columbia. With a portfolio of 27 projects, EB5 Capital maintains a 100% project approval rate from the USCIS. For more information, visit http://www.eb5capital.com.
New York Yimby: Ritz-Carlton Nears Topping Out At 1185 Broadway In NoMad
Construction is approaching the pinnacle of the NoMad Ritz Carlton Hotel at 1185 Broadway. Located at the northern intersection of West 28th Street and Broadway, the superstructure will culminate 580 feet above Midtown, yielding 150,000 square feet and 250 guest rooms.