At a time when the growth of the EB-5 visa program has led to reports of failed projects, misleading overseas marketing, and untrustworthy operators, it's refreshing to hear that perhaps not all is awry on the regional center front.
For BirchLEAF Miami 31 Regional Center, one might even say things have never been better. A short news release offered by the regional center in February proclaims that "it has sold out its full allocation of subscriptions to foreign investors seeking their EB-5 visas."
That means the regional center has finished collecting the capital needed to fund its current EB-5 projects. What's more, the regional center's cornerstone project is associated with a very visible and well-known institution: The University of Miami.
"BirchLEAF Miami 31 Regional Center is making a $20 million EB-5 loan to the developer of Building 1 in the University of Miami Life Science and Technology Park," the press release states. The developer, Wexford Miami, LLC, will receive the loan in stages, the final sum being transferred sometime this summer.
In an email to EB5info.com, Ben Cummings, one of BirchLEAF's principals, said the regional center is nearly finished filing all its I-526's. "Our initial I-526's were filed last fall, so we are hopeful we will receive USCIS approvals of those at any time," he said.
A combination of financing from BirchLEAF Miami 31, banks, federal new market tax credits, and cash equity have helped fund construction of the new facility, which sits on university property.
The 8 acre site will include 1.65 million square feet of developed space, nearly all of which will be dedicated to biomedical research. It is located within the Miami Health District adjacent to the Miller School of Medicine. BirchLEAF expects the space to be delivered to tenants by June of this year.