The University Hospitals EB-5 Project

After the success of the Flats East Bank EB-5 Project, CiF was eager to find another catalytic development project in Cleveland. As the city has developed into a hub for advanced healthcare research and technology (two of the world’s leading healthcare systems – the Cleveland Clinic and the University Hospitals Health System (UH) – are based in the city), we at CiF were interested in finding a way to use EB-5 to support Cleveland’s growing healthcare industry.

It quickly became apparent that University Hospitals’ “Vision 2010” system-wide expansion plan would be an excellent fit for EB-5. UH’s multi-year plan to update existing and construct new healthcare facilities not only satisfied government standards for the EB-5 program in terms of job creation and supporting economic development but also appealed to the interests of EB-5 Investors.

Flats Phase I: Why EB-5?

Where previous posts outlined the components of Flats East Bank Project and its economic benefits, this post looks at the critical question of “Why use EB-5 investment capital?”

The idea of the Flats East Bank was conceived as a true catalyst for change in the struggling city of Cleveland, and the developer and other leaders had been trying to get the Project started for years, but to no avail. Once the credit crisis hit and the economy worsened, access to critical capital to move the Project forward became even more difficult. Yet even in the face of frozen credit markets, the development team was determined to get this important Project started. 

CiF Regional Center Update: New Approvals!

CiF is pleased to announce that we have received new approvals from the USCIS for two of our EB-5 projects!

EB-5 Investors who helped finance Phase II of the Uptown project in University Circle are now receiving I-526 approvals! The Uptown expansion consisted of the construction of a new mixed-use retail and residential building, which houses The Corner Alley and student apartments for the Cleveland Institute of Art.  A group of foreign investors, working through CiF, is placing $5 million USD into the project, helping to complete the overall project financing.

Further, the Flats East Bank Phase II EB-5 project has received I-924 approval from the USCIS, meaning that the agency has accepted the project’s business plan as well as the economic methodology that will later determine the project’s total job creation.

This is an important milestone for any EB-5 project, since creating new jobs is one of the key criteria an EB-5 investor must meet in order for the investment to result in permanent US residency. 

CiF is pleased that we have been able to deliver positive outcomes for our investor clients while using their capital to help boost economic development and job creation in Greater Cleveland.

Flats East Bank and Cleveland’s Continued Economic Resurgence

The past 10 years has seen a remarkable turn around for downtown Cleveland. The city’s downtown core and inner ring suburbs have been home to an impressive alliance of public and private entities that has successfully encouraged new development in locations that were previously overlooked as viable investment options.

CiF’s Stephen Strnisha @ GCP Insights

The Greater Cleveland Partnership’s interview series “GCP Insights” sits down with CiF CEO Stephen Strnisha to talk about the EB-5 program and how CiF has used the program to pump hundreds of millions of dollars in foreign capital into Greater Cleveland development projects.