WASHINGTON, Nov. 13, 2023 (GLOBE NEWSWIRE) — EB5 Capital, a prominent leader in the EB-5 investment industry, is pleased to announce that investors in their NYC Ritz-Carlton (JF22) project have started receiving I-829 approvals from the United States Citizenship and Immigration Services (USCIS). USCIS issues I-829 approvals, or permanent residency, to investors who have met stringent USCIS vetting requirements and demonstrated that their EB-5 investment created at least ten full-time jobs for the US economy.
JF22 is a 250-room luxury hotel development with 16 penthouse condominiums in the NoMad district of Manhattan in New York City. The 38-story Marriott branded hotel is centrally located, just north of Madison Square Park, adjacent to the 28th Street subway station, and less than a 10-minute walk to both Grand Central Station and Penn Station. The hotel’s food and beverage program is managed by world-class Michelin-starred chef, José Andrés.
“Reaching the I-829 approval stage is a critical milestone in the EB-5 immigration process,” said Brian Ostar, President of EB5 Capital. “It indicates to USCIS that the project was built, the jobs were created, and the EB-5 investors are now eligible for permanent residency. We are very pleased with this first approval notice in our JF22 Ritz-Carlton project, and we look forward to receiving additional approvals from USCIS soon.”
EB5 Capital played a vital role in financing the construction of this project by successfully raising $184 million to support its development. The hotel opened to the public in July 2022 and created over 4,200 jobs for New York City, more than enough jobs to support all 368 foreign investors in the project. JF22 is one of many EB5 Capital projects across the US contributing to job creation and economic growth, demonstrating the firm’s commitment to making a positive economic impact wherever it invests.
About EB5 Capital
EB5 Capital provides qualified foreign investors opportunities to invest in job-creating commercial real estate projects under the United States Immigrant Investor Program (EB-5 Visa Program). As one of the country’s oldest and most active Regional Center operators, the firm has raised more than one billion dollars of foreign capital across nearly 40 EB-5 projects. Headquartered in Washington, DC, EB5 Capital’s distinguished track record and leadership in the industry has attracted investors from over 70 countries. Please visit www.eb5capital.com for more information.
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