Stephen Strnisha spoke about EB-5 on Capitol Hill

Earlier this month Cleveland International Fund CEO Mr. Stephen Strnisha was invited to speak to a bipartisan group of congressman in the United States House of Representatives. He spoke to the assembled congressman and staff about the mechanics of operating a EB-5 Regional Center and the benefits EB-5 funds can have for the surrounding community. Operating as a source of non-traditional financing, EB-5 investment capital can be used to jump-start or complete worthy projects that are – for one reason or another – having difficulty securing capital from conventional sources.

Congress has become increasingly interested in the EB-5 program, given its potential to stimulate regional economies, and there are now two bills in the US Congress (one from the Senate and one from the House) that make changes to the program. Given the interest on Capitol Hill, CiF appreciated the chance to present our perceptions of the EB-5 industry and the possible effects of new legislation. We understand the importance of working with our Congressional representative and are pleased to be a part of Congress’ thoughtfully exploration the issue.

CiF tours Convention Center

Global Center for Health and Innovation (GCHI)
southeast exterior

As a part of the Greater Cleveland Partnership (GCP) Annual Meeting, members of the CiF team took an opportunity to tour Cleveland’s new Convention Center and attached Global Center for Health Innovation.

The Convention Center has a main exhibition floor of more than 225,000 square feet (20,900 square meters), 35 meetings rooms, and a Grand Ballroom with 32,000 square feet (2,975 square meters) of flexible space that overlooks Cleveland’s lakefront. To maximize urban space, the Convention Center is located underground with a public park located on the roof. Despite being underground, the space is neither dark nor claustrophobic, thanks to an innovative design that emphasizes open space and natural light.

CiF mentioned at Greater Cleveland Partnership Annual Meeting

Mr. Joe Roman, head of GCP, highlights CiF’s involvement
with the Flats East Bank project.

CiF was honored to be mentioned at the Greater Cleveland Partnership 2013 Annual Meeting as an important instrument in financing Cleveland-area developmentprojects. CiF was singled out for its involvement with Flats East Bank project, a catalytic mixed-use development project in downtown Cleveland that has opened to rave reviews is bringing new life to the waterfront.

UH Project Fully Funded

Cleveland International Fund is pleased to announce that we have completely funded the EB-5 construction loan to University Hospitals. The $60 million USD loan to the University Hospitals Health System was used to finance the construction of two new health facilities, the Ahuja Medical Center and the Seidman Cancer Center. These two new hospitals were part of University Hospital’s more than $1.2 billion USD system-wide expansion plan.

The 120 EB-5 investors that participated in CiF’s UniversityHospitals Project have all been approved by the USCIS and have been cleared to receive Conditional Green Cards from the United States Government.

CiF @ Ribbon Cutting ceremony for the Aloft Hotel

From left to right: Mr. Scott Wolstein, Mr. Jamey Cua, Ms. Iris Wolstein, Mayor of Cleveland Mr. Frank Jackson, Cuyahoga County Executive Mr. Ed FitzGerald, Mr. Adam Fishman

On Thursday June 13^th the CiF Team attended the Ribbon Cutting ceremony for the Aloft Hotel, part of the Flats East Bank development in downtownCleveland. The ceremony marked the official opening of the hotel to the public. Leading the event were Cuyahoga County Executive Mr. Ed FitzGerald, the Mayor of Cleveland Mr. Frank Jackson, and project developers Mr. Scott Wolstien, Ms. Iris Wolstein, and Mr. Adam Fishman.

The new hotel has 150 rooms, multiple meeting rooms, and a stylish lounge that overlooks the Cuyahoga River. The Aloft brand is a division of Starwood Hotels and the brand, which is designed to accommodate business travelers, has recently become one of fastest growing hotel franchises with locations around the globe.

CiF @ 3rd annual EB-5 Dealmakers Conference, CA

From Left to Right: Mr. Boyd Campbell, Mr. Al Rattan, Ms. Kristen Laughlin, Mr. Roger Hobbs, Mr. Jeff Campion, and Ms. Kate Kalmykov  (Photo Credit: Artisan Business Group)

CiF’s Chief Marketing Officer, Ms. Kristen Laughlin, recently attended the 3^rd annual EB-5 Dealmakers Conference in Long Beach, CA.  Hosted by EB-5 luminary Mr. Brian Su and his team at Artisan Business Group, the conference featured many notable figures in the EB-5 community- from immigration lawyers to developers to Regional Center executives- discussing the ins and outs of the industry.  Ms. Laughlin was pleased to participate in a panel of Regional Center practitioners and attorneys discussing tips and best practices for managing and operating a Regional Center as well as for marketing EB-5 projects.

The USCIS EB-5 Final Policy Memorandum

Cleveland International Fund (c)

The USCIS EB-5 Final Policy Memorandum (or PM) published on May 30^th represents a welcome codification and clarification of the various legal statutes that have thus far been governing the program’s management. While by no means exhaustive, CiF is pleased the memo was published as it gives indication of an increasingly predictable regulatory structure.

Though there are some policy changes, the primary purpose of the PM is to serve as the de facto document that explains how the EB-5 program ought to operate. To that end, the memo clearly outlines the intent of the EB-5 program, establishes operational definitions of terms from the original legislation, and gathers together the various legal precedents that have come to dominate EB-5 petition adjudication. The resulting document is an authoritative description of the basic parameters that govern the EB-5 program and petition adjudication.

Though there are certainly areas the memo does not exhaustively address however it is nonetheless a good foundation on which to build. We at CiF are excited to see the implementation of the PM and believe that the changes USCIS intends to make will serve to further improve EB-5 program.

To read the complete Policy Memo, please click here

For a more comprehensive analysis, see the review published by Miller Mayer LLP.