NEW YORK, June 19, 2020 (GLOBE NEWSWIRE) -- Prominent EB-5 service provider EB5 Affiliate Network (EB5AN) today announced that United States Citizenship and Immigration Services (USCIS) has granted I-924 exemplar approval for its Saltaire St. Petersburg Phase I project. This means USCIS has approved a sample I-526 petition, including the supporting project documents, for the project, which significantly lowers immigration risk for EB-5 investors. Four investor slots remain available, at $900,000 each.

Saltaire St. Petersburg Phase I is structured as a preferred equity investment in the construction and development of a 35-story luxury condominium tower in downtown St. Petersburg, Florida. Construction is already underway, and the senior loan for the project has been executed with Wells Fargo. The project is fully capitalized, and there is no minimum EB-5 raise.

Project highlights include an above-market return of 6.0% for EB-5 investors, a strong financial structure, with EB-5 equity as only 4% of the total cost, an I-526 EB-5 investor approval refund guaranty, and transparent quarterly financial reporting for the entire investment period. Additionally, the creation of 32.8 eligible jobs per EB-5 investor creates a considerable job cushion.

EB5AN partnered on the project with The Kolter Group, one of the largest private developers in the country, with a 100% record of success across more than $15 billion of real estate transaction value. Sam Silverman, a managing partner of EB5AN, noted that this is the 10^th project fund EB5AN has undertaken with Kolter as developer. Mr. Silverman further said, “We are proud to say that we have achieved a 100% approval rate on I-924 exemplar petitions across all of our previous funds and projects. This reflects out commitment to structuring EB-5 projects that minimize immigration and financial risk.”

EB-5 investors who are interested in joining the investor pool on the Saltaire St. Petersburg Phase I project can book a call to discuss the project or learn more about the project by visiting EB5VisaInvestments.com.

About EB5 Affiliate Network, LLC: EB5AN is a leading provider of EB-5 project consulting and regional center affiliation services. The company has worked on more than 200 EB-5 transactions across the country and has completed applications for more than 75 new regional centers. Additionally, the company owns and operates 14 USCIS-approved regional centers across 27 states with an international team from a diverse set of institutional backgrounds in both law and finance, including business strategy, private equity, securities, and real estate.

Media Contact
Jeremy Shackle
Phone: 800-288-9138
E-mail: Jeremy.Shackle@eb5an.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/333e5b30-98fc-49a5-8f3b-fdc62eda45c3