Today, on the eve of the United States celebrating independence and freedom on the 4th of July, I am writing to again announce some unbelievable news. It is also a time for CMB to celebrate (along with our EB-5 clients, trusted immigration consultants, and the host of immigration attorneys that assist our clients in achieving their goals of a permanent visa and return of their original capital investment).
CMB EB-5 Regional Centers has surpassed another remarkable milestone. The 2,000th I-526 petition approval has been issued by the USCIS to an investor within one of CMB's EB-5 investor partnerships. This is fantastic news for this family from mainland China because they are one step closer to realizing their American Dream. In the month of June CMB EB-5 Regional Centers received 208 I-526 petition approvals. CMB now has 2,011 individuals with I-526 petition approvals.
The Department of State has told us (our industry) that on average each EB-5 investment represents three (3) individuals. This means that approximately 6,033 individuals are, or will soon be, experiencing their American Dream as a result of $1,090,000,000.00 of CMB EB-5 investment in the United States economy (Eighteen of those I-526 petition approvals belong to EB-5 investors whom have contributed $1,000,000.00 into non-TEA investments; therefore 2,011 CMB EB-5 investors represent more than $1 billion of investment into the U.S. economy).
The good news does not stop there: today our CMB Infrastructure Investment Group II has just received payment of the final loan in that EB-5 partnership. We will be sending letters out to the EB -5 clients in CMB Group II to have them vote for the return of their capital in the partnership if they have achieved their I-829. This brings the total capital returned to CMB Partnerships to approximately $125 million. The funds were previously employed in EB-5 investment loans to create jobs in former military bases. Incredibly, every loan in CMB partnerships Group A, Group B, Group I and now Group II have all been paid back early!
At CMB we have always preferred to focus upon the fact that each individual EB-5 client is a person with a family. They have goals and dreams to pursue by utilizing the EB-5 program to achieve a permanent visa in the United States. When I look back a little over 21 years ago, I happened to come across the path of an immigration lawyer who also understood that the EB-5 program is about people and their goals and dreams. This immigration lawyer was just an associate in his early 30s, not a partner in the law firm. I have always admired his integrity. He took me around the office and I met individual EB-5 investors and got the opportunity to talk with them. I realized that if I decided to move forward with an EB-5 program, it was my responsibility to see it through, simply because there was a person on the other end trusting and relying upon me. This care for our EB-5 clients was instilled in me over twenty years ago by an attorney we all know now as Lincoln Stone. This care and loyalty to our EB-5 clients is taught to all of the associates who work at CMB, as well as the borrowers in all CMB EB-5 investments. Each $500,000.00 or $1,000,000.00 of EB-5 investment has a family behind it. That same investment has a job creation requirement that is imposed upon it by the EB-5 program, so we know that no fewer than ten (10) new American jobs must be created in order for each CMB EB-5 investor to enjoy true success.
What this means then is 20,110 new American jobs must be created in order to meet the job creation needs of those 2,011 already approved I-526 petitions. The USCIS approval means the adjudicators believe it is more likely than not that job creation will occur. Our 400 plus I-829 approvals provide certainty that jobs were created as projected, as the USCIS has approved and acknowledged job creation totals of 25,867 (direct and indirect) jobs within CMB's first ten (10) EB-5 partnerships. Over 13,000 indirect and induced jobs alone were created.
CMB Groups A through VI-C represent 564 individual EB-5 investors, so the USCIS and EB-5 program threshold for success was 5,640 jobs in total. CMB Groups A through VI-C easily exceeded the job creation requirements thereby creating far more new American jobs than what was required. These CMB EB-5 partnerships focused investment into former military bases in California. Tens of thousands of jobs were lost when these bases were closed through the various rounds of the Base Realignment and Closure Committee (BRAC). One need only visit those regions today to see that real jobs have been created in areas that truly needed new job creation. What I find amazing is: if a Regional Center does it's job it actually puts itself out of business simply because we lower the unemployment rate in a particular area so much that it no longer qualifies as a TEA! CMB in the San Bernardino California area has actually lowered the unemployment rate through its job creation activities to the point that two MSAs no longer qualify as 'high unemployment'.
My email is intended to congratulate the individual investor who marks CMB's 2,000th I-526 approval, however I want to recognize all 3,500 plus EB-5 investors that have placed their trust in CMB. I also want to recognize the I-526 approval of CMB's Group 48: Century Plaza EB-5 investment. Group 48 is providing $450 million in investment capital to a remarkable project in Century City, California. Group 48 is helping to transform the Century Plaza Hotel as well as facilitating the construction of retail surrounding the hotel and the tallest condominium towers in the region.
All 47 CMB investment projects are at work creating the American Dream for each of you and your families, as well as tens of thousands of other families across the United States. The EB-5 investments made by CMB clients have truly changed many American lives. If you have ever been out of work you know the feeling when you finally do get that next job. I have had the opportunity to meet and speak with some of those individuals that have gained employment as a result of a CMB EB-5 investment. EB-5 investment has changed not only our successful EB -5 investors' lives, but tens of thousands of American lives as well. If you have experienced the success associated with CMB, share this good news with family, friends and or others interested in EB-5. There seems to be an abundance of bad news stories regarding EB-5. However, CMB is experiencing unprecedented success and has projects underway that are not fully subscribed. These include the already approved Group 48: Century Plaza project, which is approximately 50% subscribed. Additionally, we have new projects on the horizon and we intend to continue to create jobs through the EB-5 program. As we all know: some people may call it in investment program, however CMB views this as a jobs creation program with an immigration benefit.
Congratulations to all for a job well done.
Patrick F. Hogan
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