WASHINGTON, Feb. 06, 2020 (GLOBE NEWSWIRE) — EB5 Capital announced today its receipt of an I–924 exemplar approval for its Eckington Park project, located in the Northeast corridor of Washington, DC. The United States Citizenship and Immigration Services (USCIS) approved the project in only nine months, while USCIS' current average I–924 exemplar processing time is between 60 and 80.5 months.
"USCIS' exemplar approval of Eckington Park provides an additional layer of confidence for the project's investors," said Brian Ostar, EB5 Capital's Senior Vice President of Global Operations. "Securing USCIS approvals for our EB–5 projects is a responsibility we take very seriously."
EB5 Capital is contributing a $31 million preferred equity investment in Foulger–Pratt's development of the $115 million, 327–unit Class A multifamily project. Eckington Park will feature 9,000 square feet of retail and is located adjacent to the District of Columbia's Tanner Park, an upcoming green space project, which will be home to a new playground, dog park, and amphitheater. The project is currently under construction and completion is expected in Q3 2021.
"Eckington Park is our firm's sixth project in the area, all within walking distance of the growing NoMa neighborhood of Washington, DC," said Patrick Rainey, EB5 Capital's Vice President of Investments. "This development will offer an accessible, amenity–rich experience to an area that was in great need of additional housing and density."
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.