EB-5 investors in Hall Arts II Fund LP receive first I-526 approvalPR Newswire | Mumbai | Updated: 02-07-2019 16:11 IST | Created: 02-07-2019 16:11 IST
LCR Capital Partners announced today that the first I-526 approval has been received by investors in Hall Arts II Fund LP, an $82.5 million EB-5 offering financing the construction of the HALL Arts Hotel and Residences, a new luxury boutique hotel and residential high-rise located in Dallas, Texas. Dallas was ranked by PwC as the #1 real estate investment city in the United States. LCR is partnering with HALL Group, the project sponsor, who has a 50+ year track record as a successful real estate development and investment company with over $5 billion of total development experience.
An I-526 approval represents the completion of the first stage of the EB-5 immigration process for investors. According to the United States Citizenship and Immigration Service (USCIS), typical approval times for I-526 petitions range between 29 and 45 months. In contrast, the exemplar-approved HALL Arts project received its first I-526 approval 20 months after its submission.
"We are pleased to see the first investor I-526 approval for this project," said Suresh Rajan, LCR Capital's CEO. "This is tremendous news for the up to 165 investors who will be involved in the project and provides an additional layer of confidence for future EB-5 investors in the HALL Arts project. We are happy for our clients and their families and look forward to continuing to serve them throughout the rest of the EB-5 process."
"We are glad to be working with LCR, a unique and widely respected company within the EB-5 industry. We were impressed by their track record of success, particularly with the Four Seasons Hotel and Residences at The Surf Club development in Florida, and look forward to a long-term and mutually beneficial relationship," said Craig Hall, HALL Group's Chairman and Founder.
Hall Arts II Fund LP, co-managed by LCR Capital Partners, is providing up to $82.5 million of EB-5 capital in the form of a loan to the HALL Arts Hotel and Residences. The $269 million project consists of a 183-room hotel, which is part of the Leading Hotels of the World luxury collection, and an exclusive 28-story luxury residential high-rise featuring up to 50 homes. The USCIS-approved project is currently under construction and on track to create over 3,300 EB-5 qualifying jobs.
"An I-526 approval is an especially important milestone for our investors, their families, and for the project. It's a step closer to beginning their conditional residency period in the United States," said Matt Virkstis, LCR's General Counsel. "We look forward to all of our Hall Arts II Fund LP investors receiving their I-526 approvals."