The EB-5 developer of a $24 million, Miami airport hotel broke ground on Thursday with plans to close an $8 million construction loan in July.
The hotel, at 3450 Northwest 25th Street, is the first of three projects in the pipeline for Riviera Point Development Group, CEO Rodrigo Azpúrua told The Real Deal. The property will also be the first Radisson RED, a millennial-oriented brand, in the U.S.
Riviera Point is investing $4.5 million into the project and securing $11.5 million in EB-5 financing, with the majority of investors coming from South America, he said.
The controversial visa program grants permanent U.S. residency to investors (as well as their immediate family members) who create at least 10 domestic jobs and invest at least $500,000 to $1 million in a U.S. business venture. Congress extended the EB-5 program until April 28, marking another short-term renewal of the legislation.
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