Montgomery, Alabama EB-5 Project Approved by USCIS

U.S. Citizenship & Immigration Services has begun approving immigration petitions filed by EB-5 investors in MAL, LP ("MAL"), the company responsible for redeveloping the historic Bell Building in downtown Montgomery, Alabama. Beginning this summer, MAL will convert the former office building to luxury loft apartments. The development is being overseen by American Investor Immigration Funds ("AII Funds"), based in northern Virginia, and is sponsored for EB-5 regional center program participation by Mississippi Development Regional Center ("MDRC"), an EB-5 regional center now authorized to sponsor EB-5 projects in four southeastern states.

MAL acquired the Bell Building in 2014 and, since that time, AII Funds has worked diligently to move the Project forward, including successfully obtaining mortgage loan guaranty insurance in late 2015 for the Project's nearly $11 million construction loan through the U.S. Department of Housing and Urban Development's Section 221(d)(4) program. The Bell Building Project also qualifies for substantial incentives in the form of federal and state historic tax credits and the developer is delivering nearly $4 million in equity to round out the Project's funding needs.

The roughly 109,000 square foot Bell Building was built in 1907 and, for a time, was the tallest building in Montgomery. It features about 73,000 square feet of net rentable space that will yield 88 one- and two-bedroom apartments with modern amenities and adjacent parking. With an overall project budget of around $25 million, construction on the Bell Building is set to begin in Summer 2016 and will last approximately 16 months with WDG Construction of Indianapolis, Indiana serving as general contractor. MAL's economist used the Project's budget to forecast it will create at least 96 new, permanent full-time jobs in the Montgomery-area economy.

The Bell Building Project marks the 16th different EB-5 project led by AII Funds to see investors receive Form I-526 approvals and the group's projects have been responsible for just shy of 300 total successful investors petitions at the I-526 stage to go along with its more than 70 investors across four projects who have now gained I-829 approvals. AII Funds' projects have already created several thousand jobs in diverse economies across the country in a variety of sectors including hotels, apartments, senior living facilities, retail and restaurants, and casinos. 

http://rezul.com/news/10303532

Mentions

• U.S. Citizenship and Immigration Services

States

• Alabama