Wohali Utah by EB5AN: New $800,000 EB-5 Rural Loan Project
NEW YORK, NEW YORK, UNITED STATES OF AMERICA, August 16, 2022 /EINPresswire.com/ — EB5 Affiliate Network (EB5AN), an EB-5 investment fund manager, regional center operator and advisory firm, will host a live virtual launch event for its latest EB-5 project sponsored by a regional center, Wohali Utah, August 18, 2022, 3:00 p.m. EDT. EB5AN Co-Founders and Managing Partners, Sam Silverman and Mike Schoenfeld, will explain why Wohali Utah is the most compelling rural EB-5 project available today.
register here to attend or watch the recorded event later.
Wohali Utah is a 428 golf residential community development located just north of Park City, one of Utah’s most popular tourist destinations and ski resorts. The community’s pristine natural setting in the Utah backcountry will also include a world-class 18-hole golf course, clubhouse, spa and wellness center, private parkland of over 3 000 acres and several other amenities.
Wohali Utah is located in a Targeted Rural Employment Area (TEA), thus qualifying its EB-5 investors for the reduced minimum investment amount of $800,000 and priority processing of Form I-526E. Investors are also eligible for TEA rural classification reserved visas, which make up 20% of the annual EB-5 visa supply. These reserved visas allow investors from countries with visa backlogs to “jump the queue” before other applicants and immigrate much faster.
Wohali Utah offers a large job creation cushion: while approximately 990 positions are needed to meet the minimum requirement of 10 jobs per investor, the projected EB-5 compliant job creation amounts to over of 4,300 positions. That leaves a surplus of more than 3,000 jobs, making Wohali Utah a particularly low-risk investment opportunity. By August 2022, the project had already created more than 300 EB-5 compliant jobs.
As additional layers of security, EB-5 investors in Wohali Utah will receive guarantees of job creation and Form I-526E approval. This arrangement provides investors with an expedited refund of funds in the unlikely event that USCIS denies their visa applications. The EB-5 investment is secured by mortgages on thousands of acres of prime land and a 100% capital pledge from the development entity.
The project has a strong capital structure, with most of the funding coming from the senior loan, developer equity and revenue from home sales. EB-5 funding constitutes a relatively small percentage of the capital structure, and project development is not dependent on any amount of EB-5 funding.
Typically, EB-5 investments are bundled into a single loan with the same repayment schedule for all investors. The Wohali Utah EB-5 loan is structured in individual tranches for each investor, and the term of each tranche is five years. This means that the first EB-5 investor in the Wohali Utah project will be the first EB-5 investor to be reimbursed by the project. The start date of the five-year loan term is not dependent on a minimum number of EB-5 investors, the timing of USCIS approvals, or any other conditions, as is the case for most other EB-5 projects.
EB5AN is pleased to report that construction and sales are well underway with the golf course nearing completion and only six of the project’s Phase 1 lots remaining unsold as of August 2022.
Wohali Utah has entered into an exclusive partnership with Sotheby’s International Realty, one of the world’s most distinguished real estate brokerages. Sotheby’s represents many distinctive properties in the global market and has annual sales of $204 billion.
“Wohali Utah is an outstanding project,” noted Silverman. “With construction underway, a large cushion of jobs and a prime location near Park City, we are very pleased to be involved in the Wohali Utah project. More importantly for our investors, we expect Wohali Utah meets all the immigration requirements for the EB-5 program. Low-risk projects like Wohali Utah are relatively rare in the EB-5 industry, and the project’s rural TEA designation may allow our investors to immigrate to the states. United earlier than they had anticipated.
Schoenfeld added, “EB5AN undertakes an extensive due diligence process before deciding to sponsor an EB-5 project. We only work with well-funded, transparent, and USCIS-compliant projects. Wohali Utah meets and exceeds our strict criteria. We are pleased to offer a project with a solid capital structure, an exceptional capacity for job creation and a proven and profitable business model in the housing sector.
Thomas Cottone, CFO and Board Member of Wohali Utah, said the following about the partnership with EB5AN: “While working with EB5AN over the past two years on this project, I have always been impressed for their professionalism and transparency. After interviewing other regional hubs, EB5AN was clearly the ideal sponsor. Their commitment to helping EB-5 investors successfully immigrate and protect their capital was palpable every step of the way.
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Created in 1990, the EB-5 Immigrant Investor Visa has long been a gateway to the United States for foreign nationals living abroad, as well as those already working or studying in the United States with foreign nationals. nonimmigrant visas, including H-1B, L-1B. , and F-1. Thousands of families around the world have successfully immigrated by making a job-creating investment in a US-based business venture. The EB-5 program has facilitated billions of dollars in foreign direct investment into the United States and created tens of thousands of jobs over the past three decades.
EB5 Affiliate Network is an internationally recognized EB-5 investment fund manager, regional hub operator and advisory firm that has facilitated over $1 billion in investments through the EB-5 Immigrant Program InvestorVisa. EB5AN works with companies across multiple industries to create high-quality, center-sponsored direct and regional investment offerings across the United States, with a total development cost of over $4.1 billion. EB5AN’s portfolio of low-risk investments in world-class business ventures has served over 2,000 immigrant investors from over 60 countries.
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