A simple picture can be worth a thousand words, so when we are asked by potential EB-5 investors “Where does the money go?”, we show them pictures of projects in which our clients have invested.
In 2009, one of our clients invested in the expansion of the Pennsylvania Convention Center in Philadelphia. The EB-5 group loaned $100 million for the project, part of a nearly $800 million development. In March 2011, the expansion opened to rave reviews and great fanfare. Here are some photos and articles about the expansion:
http://www.philly.com/philly/gallery/The_new_Pennsylvania_Convention_Center_.html
http://www.paconvention.com/the-center/photo-gallery
http://www.philly.com/philly/business/116910088.html
http://www.paconvention.com/userfiles/news/030511_CityOpensExpandedCC.pdf
In another EB-5 project, a client invested in the construction of a 120-room hotel, water park, bowling alley, ice arena, and golf clubhouse at the Jay Peak Resort in Vermont (http://www.jaypeakresort.com/). The EB-5 investor group contributed $75 million to the project. The ice arena and golf clubhouse have already opened, with the hotel scheduled to open after the new year. Here are some pictures:
http://www.jaypeakresort.com/images/galleries/photos/YA9V9638.jpg
http://www.jaypeakresort.com/images/galleries/photos/THL1.jpg
http://www.jaypeakresort.com/images/galleries/photos/THL3.jpg
http://www.jaypeakresort.com/images/galleries/photos/THL2.jpg
In 2008, another client invested in the reconstruction of a historic building in downtown Seattle. The building became a Marriott Courtyard Hotel, with overall investment totaling more than $80 million. Here is a picture and video of the hotel after its grand opening in the summer of 2010.
http://www.marriott.com/hotels/hotel-photos/seaps-courtyard-seattle-downtown-pioneer-square/
http://www.youtube.com/watch?v=-jX-3rew0ZM
Two of these clients received their permanent green cards, with the conditions removed. The other is awaiting approval of the condition removal. The latter two are part owners of the real estate projects and receive small dividend checks for the profit from the projects. The first investor receives a dividend check for the interest on the loan, and expects his principal to be returned in 2014.
These are just a few examples to illustrate that the EB-5 program is not smoke and mirrors. It truly is a program with investments in the development of real projects creating real jobs, with immigration benefits for investors and economic benefits for the United States. But don’t take my word for it. Let these pictures do the talking…