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Mixed-Use Redevelopment Entitlement and Permits

The EB-5 Program is Reauthorized

11.03.2022 all Real Estate Industry News, EB-5 Project Feasibility Consultants, Economic Development Consultants, Economic Development Growth Monitor, Industrial and logistics real estate consultants, News about acquisitions and financing, News about economic development, News about local government real estate, Office and Industrial Facilities Consultants, Opportunity Zone Consultants, Project Consultants for North America, Project Consultants for Tribes and First, Project Feasibility Consultants, Public Sector Work, Real Estate Consultants, StoneCreek Partners News and Research, Tourism Destination Strategy Consultants

President Biden signed legislation today with the effect that the EB-5 program is reauthorized, in particular its Regional Center component, effective now through September 30, 2027.  The program is part of the EB-5 Reform and Integrity Act of 2022 (the “Act”), which itself is part of the Omnibus spending bill signed by the President.

 

The reauthorization of the Regional Center program follows an almost 9 month lapse, when prior efforts failed to extend the program beyond July 1, 2021.  The Regional Centers aspect of EB-5 have allowed foreign investors a special opportunity to invest in high-profile developments that they likely would not otherwise find accessible.  The EB-5 program had its controversies and numerous parties had worked to place safeguards to prevent fraud and encourage investment in areas that followed from the original intent of the program.

 

The EB-5 program allows foreign investors to invest a specified amount of capital into a U.S. enterprise that creates American jobs, in return for permanent residency.  With passage of the EB-5 Reform and Integrity Act of 2022, changes were made to the program to presumably improve its implementation.  The new legislation emphasizes compliance with EB-5’s intent along with enforcement procedures.   Program sponsors under EB-5 will face greater scrutiny in recordkeeping, investment types, audits, and investor communications.   The minimum EB-5 investment amount now increases to $800,000 from the current $500,000 for Targeted Employment Areas and Rural Areas,  and, changes to $1.05 million from the current $1.0 million for Non-Targeted Employment Areas.  These changed minimum investments apply to both regional center and direct EB-5 investments.

 

With the news that the EB-5 Program is reauthorized, a backload of foreign investors who were in the midst of processing last June, will hopefully soon see progress in the processing of their investment / visa applications.

 

The EB-5 Immigrant Investor Visa Program was created in 1990 by the Immigration Act of 1990.

Due diligence consultants - Transaction Consultants and Negotiators

U.S. Acquisitions Program – Owner Representation

30.08.2018 Due Diligence Consultants, Transaction and Dealmaking Projects

Nissho Iwai American Corp. (Sojitz) |  Acquisition program representative for U.S., for Nissho Iwai American Corp. (now Sojitz Corp.)

 

StoneCreek Partners was retained by Nissho Iwai American Corp. (NIAC, now Sojitz) as owner’s representative for their North American acquisitions program. The retainer relationship included solicitation and screening of investment proposals, initial investment suitability and feasibility evaluations for NIAC, and in select instances, preliminary deal structuring and due diligence support for prospective acquisitions.

 

Two select examples of additional detailed due diligence support were Calhoun Beach Club and Condominiums situated along the shoreline of Lake Calhoun in downtown Minneapolis, Minnesota, and, Newport-Banning Ranch located in Newport Beach, California. Sojitz was formed in 2004 by the merger of NIAC and Nichimen Corporation.

 

Due Diligence for Shopping Center Acquisition

Due Diligence for Shopping Center

01.08.2016 Due Diligence Consultants, Experience with C-Store Fueling Stations, Malls and Shopping Center Consultants, Property inspection services

Due diligence for shopping center acquisition, the Phillips Edison & Company, Inc. (REIT) acquisition of Lakeside Plaza in Salem, Virginia.

 

StoneCreek Partners provided due diligence consulting in connection with buyer’s shopping center acquisition, including property inspections, Phase 1 environmental reviews, tenant lease confirms, and rent rollover analysis, for this grocery-anchored community shopping center.   Support of the buyer included preparation of tenant lease abstracts, estoppels, SNDA (subordination, non-disturbance and attornment) provisions, and a review of common area charges (CAM) and vendors, among due diligence items.

 

Tenancies at Lakeside Plaza shopping center included a typical roster of anchor and inline retail tenants.   The due diligence for this shopping center acquisition included co-tenancy considerations with regard to an on-site Kroger Fuel Center (a branded c-store gas station) albeit with limited convenience store offerings.

 

Salem is an independent city in Virginia adjacent on the east with the city of Roanoke (Virginia).  The city is located in southwestern Virginia in a scenic setting along the Blue Ridge Mountains  The shopping center is located at 161 Electric Road, Salem, Virginia 24153.

 

Phillips Edison & Company, Inc. (Cincinnati) is an internally-managed real estate investment trust (REIT), one of the largest owners and operators of grocery-anchored shopping centers in the U.S.  The company has purchased and managed more than 300 grocery-anchored shopping centers throughout the U.S.

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