Our Track Record
251 Brandon – San Jose, California
100% USCIS Approval Rate for Investors’ Final Adjudicated I-526 Petitions
Completed Project and Repayment – 251 Brandon is a successfully completed EB-5 project sponsored by Admiralty California Regional Center. A total of 74 EB-5 investors invested $37 million in the project. In the second quarter of 2018, the borrower repaid in full the $37 million of loans upon their maturity. Out of the 74 investors, all of them have received approval from the USCIS for their I-526 petitions. As of August 2018, 97% have completed the 2-year sustainment period and over 83% have received approval of their I-829 applications.
In the 251 Brandon project, a total of 74 EB-5 investors invested US$37 million to fund a portion of the construction costs of a 271-unit multifamily development in San Jose, California. The project is located in Silicon Valley within a 32-acre integrated mixed-use multifamily and commercial master plan community. The EB-5 offering was launched by Riverview Property Holdings, LLC in November 2011 and was fully subscribed within four months.
The construction was completed in 2015 and a total of 780 jobs have been created, which was well in excess of the 740 jobs required to support the EB-5 investors’ I-526 applications. The 251 Brandon project offered several important advantages that made it a strong candidate for success:
• Significant capital offered by the developer – more than a majority of the development budget was funded by the developer equity or loans
• Developer experience – the developer and its affiliates had strong experience in investing in multifamily properties. With 251 Brandon, its portfolio encompassed close to 1,500 units
• Land acquisition – at the time of the EB-5 offering, the developer had already used its own capital to purchase the land which served as the project site
• Entitlement approval – prior to the EB-5 offering, the developer had already received approval from the relevant authorities to proceed with the project
• Robust market – 251 Brandon is located in San Jose right in the heart of Silicon Valley. Demand for housing in the area was strong and remains so
After the closing of the offering and during the project’s pre-construction and construction phases, the EB-5 investors were provided regular updates about the status of the project, including:
• Loan Status Reports provided semi-annually
• Management accounts delivered annually
• Capital account statements provided annually
100% of the final adjudicated I-526 applications have received approval from the USCIS and as of August 2019, 97% have completed the 2-year sustainment period and over 83% have received approval of their I-829 applications. Overall the USCIS approval process went smoothly, other than delays normally associated with investors’ delay in submitting documents and waiting period due to retrogression.
Today, 251 Brandon is a vibrant community and provides an extraordinary lifestyle for its residents. The project is surrounded by the serenity of nature and minutes from shopping, fine dining, multiple prize-winning parks, prestigious schools and cultural abundance.