The United States Citizenship and Immigration Services (“USCIS”) has begun to issue I-526 Petition approval for EB-5 investors who invested in The Grange at Linden – a senior housing project developed by Zenith Capital in Seattle, Washington.
In early April, five I-526 petitions submitted in Q3 2015 received approval from USCIS. The I-526 Petition approval marks the first step in the process for immigrant investors seeking to become permanent residents of the United States. The approval confirms the project structure and job-calculation methodology used in the Grange at Linden have met the U.S. Government’s requirements.
David Bovée, Zenith Capital’s Managing Principal, shares “We are pleased to demonstrate USCIS approval for this senior living project, an industry which offers EB-5 investors a clear path to successful immigration through both direct and indirect job creation.”
Zenith Capital began the project 2015 with an estimated total cost of $32 million. As the financial advisor, Zenith secured the financing through a combination of private owner equity, EB-5 equity, and a HUD (“the Department of Housing and Urban Development”) construction loan through CBRE.
In December of 2016, the City of Seattle Design Review Board approved the design of The Grange. The facility, operated by Village Concepts, will provide the community with needed memory care support and assisted living services for over 100 residents. The Grange will create over 288 jobs in the local community thanks to the EB-5 investors.