Great News! Hotel at Southport EB-5 Project — Multiple investors’ I-526 petitions approved！

Seattle Family Regional Center (SFRC) has been informed by the U.S. Citizenship and Immigration Services (USCIS) that over ten of its immigrant investor I-526 petitions were approved. The petitions, all filed through the Hotel at Southport project, were approved without any Request for Further Evidence (RFE). It took an average of three to six months for these petitions to receive their approvals. Congratulations to all these investors and their families for taking a huge step forward on their path to permanent residency in the United States!

The Hotel at Southport, SFRC’s flagship EB-5 project, enjoys unparalleled advantages over competing projects:

• As a USCIS-designated exemplar EB-5 project, the Hotel at Southport (the Hotel) is more secure and efficient in terms of investment. In principle, I-526s filed through an exemplary project are unlikely to be rejected on the grounds of issues related to the project itself. The review process is simplified, therefore expediting USCIS staff’s decision making. In addition, the employment creation model has been recognized as valid, creating a strong safety net for the job creation aspect of EB-5 requirements. As a result, as long as the development goes on as specified by the business plan, the investors will be able to have the conditions removed from their conditional green cards, ultimately gaining permanent residency.

The Hotel at Southport, SFRC’s flagship EB-5 project, enjoys unparalleled advantages over competing projects:

• As a USCIS-designated exemplar EB-5 project, the Hotel at Southport (the Hotel) is more secure and efficient in terms of investment. In principle, I-526s filed through an exemplary project are unlikely to be rejected on the grounds of issues related to the project itself. The review process is simplified, therefore expediting USCIS staff’s decision making. In addition, the employment creation model has been recognized as valid, creating a strong safety net for the job creation aspect of EB-5 requirements. As a result, as long as the development goes on as specified by the business plan, the investors will be able to have the conditions removed from their conditional green cards, ultimately gaining permanent residency.

• SECO Development has over 30 years of real estate development experience in the Seattle market, and has solid financial footing. More importantly, the Hotel is not a stand-alone project, but rather an integral part of a large scale master-planned project. The first two phases, the Bristol luxury apartments have already been finished, with an occupancy rate above 95%. The final phase of the Southport project— construction of three 9-story Class A office buildings—will start in the latter half of 2015.

• The land the Hotel sits on is 100% owned by Southport Hotel LLC, without any equity debt. The land itself has an appraised value of US $45 million, counting as 23% of the total project cost. This structure ensures that no EB-5 funds will be spent towards buying land, and the investors’ EB-5 money will be used towards the construction itself.
• Since the Hotel officially broke ground in October 2014, the construction has been going very well. In early June we started pouring the first layer to the second story of the exterior wall. Costing US $197 million, the Hotel is ranked by Puget Sound Business Journal among the top 20 largest development projects under construction in the Seattle metro.

• While USCIS authorized SFRC to recruit 231 investors, the working goal is only 160. This leaves abundant room for job creation and guarantees that each EB-5 investment of US $500,000 will create a minimum of 10 full time jobs.

• The Southport EB-5 project has a thorough and well thought out repayment plan in place. Upon the hotel’s opening in March 2017, operating revenue will be utilized to repay loans from investors. Hotel operations are expected to enter a stable stage by 2019, when a re-sale or refinancing will be pursued and the proceeds or the new loan will be used towards paying back the EB-5 funds. The entire process will be monitored by third party escrow the NES Financial which will guarantee maximum financial transaction transparency.
• The Hotel is located in the golden commerce triangle formed by the “Seattle downtown – Bellevue – SeaTac International Airport” area. Its proximity to the Boeing company and the headquarters and training camp for the professional football team Seattle Seahawks, as well as its location along the southern shore of Lake Washington, all contribute to the potential profitability of the Hotel. The market value of the Hotel will far exceed total EB-5 funds.

• Now that SFRC’s clients have started receiving their I-526 approvals, the quality of the Hotel as an EB-5 project has been further proved!

Don’t miss out on the remaining few opportunities this great project presents! Contact us immediately to secure your spot on the green card wagon before the expected price increase!