Texas Mulitfamily Developer to Access EB-5 Funding
By Dees Stribling, Contributing Editor
Irving, Texas—Texas Urban Triangle Regional Center (TUTRC) and multifamily developer TDI have formed a partnership to develop apartment properties funded through EB-5 foreign investment financing. Under the US EB-5 program, qualified foreign investors may obtain a provisional green card to relocate to the United States by investing $1 million in certain areas into a project that creates at least 10 jobs (direct, indirect or induced) per investor ($500,000 if the investment is made in a rural or high unemployment area).
The program allows the investor’s provisional green card to become permanent after two years when the federal government verifies that the promised jobs were actually created. Of the roughly 10,000 EB-5 green cards available each year, 3,000 are reserved for foreign nationals who invest through a Regional Center.
TDI currently has 1,200 units under construction in Texas, California and Arizona and manages over 4,500 units nationwide. Also, TDI has plans to develop an additional 2,300 units over the next 12 months that are in various stages of planning and pre-development and is currently raising capital for their development.
TUTRC holds a regional center designation from the United States Citizenship and Immigration Service that encompasses 40 counties in Texas stretching from Dallas-Fort Worth to Houston, San Antonio and Austin. This area accounts for most of the major population centers in the state and thus gives TUTRC a broad reach in Texas’ commercial development sector.
Within the TUTRC geographic area, real estate developers may utilize EB-5 foreign investment financing. TUTRC, which performs its capital raises though affiliated companies, is currently working on projects with over $100 million in EB-5 capital.Tags: Financing, Mergers and Joint Ventures