In April 2014, the United States Citizenship and Immigration Services (“USCIS”) approved today American Pathway Regional Center, LLC (“APRC”) as a qualifying participant in the Immigrant Investor Program. APRC is a joint venture between Philadelphia Private Capital, LLC and John R. Noonan. The new EB-5 regional center will focus on promoting economic growth and job creation in Philadelphia, Montgomery and Chester Counties through capital investment opportunities. The industry clusters initially approved by USCIS include traveler accommodation, restaurants and food services, office supplies, stationary and gift stores and dry cleaning and laundry services.
The EB-5 Program is administered by USCIS and provides opportunities for qualified foreign nationals to achieve permanent legal residency status in the U.S. through an investment in a USCIS approved project that will generate at least 10 full-time jobs per investor. EB-5 regional centers are pre-approved entities that allow EB-5 investors to pool their money together for job creating ventures in the United States.
APRC will be led by Philadelphia finance and real estate veteran, Robert A.C. Jacoby, who will serve as President and Chief Executive Officer. Mr. Jacoby is also the Managing Partner of Philadelphia Private Capital, LLC which serves as the Philadelphia office of U.S. Realty Capital, LLC. He has over 30 years experience in commercial real estate finance, banking and asset management. John R. Noonan will serve as Chairman of APRC and has over 40 years experience in commercial real estate development and construction management. Mr. Noonan’s emphasis has been on highly visible ventures involving urban high-rises, mixed-use, residential and hospitality projects.