A local restaurant group is cashing in on EB-5 investors.
Tapco Restaurant Group, which owns and operates Tap 42, closed on the final portion of a $4.5 million EB-5 loan as it plans a South Florida expansion.
Tap 42 Craft Beer Bar & Kitchen has locations in Fort Lauderdale and Boca Raton and will open its Coral Gables gastropub Wednesday at 301 Giralda Avenue. The majority of the $4.5 million loan financed the construction of the Boca Raton location, which opened at 5050 Town Center Circle in July, with the rest going toward the Coral Gables restaurant.
Roger Bernstein, co-founder of American Life Investments, a South Florida-based regional EB-5 center, arranged the financing for Tapco. It breaks down to portions of $1 million, $500,000, $2 million, $500,000, and the last $500,000 at the end of April. Bernstein, who is also an immigration attorney, told The Real Deal that the restaurant industry is “perfect for EB-5” because of the number of direct and indirect jobs it creates.
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