Metropica Selects NES Financial to Provide Platinum Medallion EB-5 Solution Suite
Metropica, one of the nation’s largest under-construction mixed-use communities, today announced that it will utilize NES Financial’s range of EB-5 Escrow, Immigration Workflow, and Loan Servicing Solutions — which are designed to help developers raise and deploy EB-5 capital more quickly, minimize risk and streamline project efficiency — to support the development’s EB-5 initiative.
The EB-5 program, created in 1990, encourages foreign investment into projects that stimulate U.S. job growth. Once relatively obscure, in recent years there has been an exponential rise in the use of EB-5 capital in projects of all types and sizes. NES Financial’s Intelligent EB-5 Solutions have been used on more than 650 projects to date, representing over $20B in EB-5 capital — more than any other service provider in the market.
Use of these EB-5 Solution Suites has earned the Metropica development a NES Financial Platinum Medallion, signifying the project’s commitment to industry best practices and to providing investors with the highest levels of security, transparency and compliance.
The $1.5 billion development will ultimately encompass approximately 4 million square feet, consisting of residential condominiums, apartments, hotels, contemporary Class-A office space, green spaces and a broad range of retail and entertainment offerings.
“South Florida is an extremely appealing destination for international buyers and investors,” said Joseph Kavana, CEO of Metropica Development LLC. “The feedback we have received from current and prospective EB-5 investors has been extremely positive, and we are confident that our teaming with NES Financial — whose name, to investors, is synonymous with online visibility and third-party oversight — will further facilitate this process.”
NES Financial’s suite of Intelligent EB-5 Solutions is designed to cover the unique requirements of the entire EB-5 process, start to finish. These solutions take care of the middle- and back-office administration so issuers can focus on project success.
“Smooth and successful EB-5 fund administration for a project of this size is very difficult for developers to achieve on their own,” said Reid Thomas, Executive Vice President & General Manager at NES Financial. “Our suite of intelligent EB-5 Solutions streamlines this process, offering peace of mind to all involved, and will ensure that the industry’s best in technology-enabled security, transparency and compliance is provided to Metropica’s investors.”
About NES Financial
NES Financial is a Silicon Valley financial technology (FinTech) company providing technology-enabled solutions and services for the efficient back- and middle-office administration of complex financial transactions. Serving private equity, commercial real estate, and Fortune 1000 clientele, NES Financial offers industry-leading fund administration, loan servicing, specialized EB-5 administration, and 1031 tax-deferred exchange services. Our unwavering commitment to data security, operational redundancy, and compliance reporting is evidenced by 12 consecutive years of successful independent audits of our technology, processes, and financial controls. Today, NES Financial services over 190 funds, administers over $75B of 1031 assets annually, and has worked with over 550 EB-5 projects.
Ushering in a new era for Western Broward, Metropica is poised to become a transformative destination. As one of the largest mixed-use developments in the country, the project will offer a complete urban lifestyle and true sense of place for the city’s residents and visitors. Once completed, Metropica will encompass approximately 4 million square feet, which will include more than 2,250 residential units; 485,000 square feet of prime retail space offering a diverse array of shopping, dining and entertainment experiences; 650,000 square feet of contemporary, Class-A office space; public spaces dedicated to the arts and luxury hotels offering convenient services and exclusive amenities. Metropica will provide its residents with a tropical modern lifestyle where they can live, work and fully thrive. Designed by an award-winning team of international masterminds, including Oppenheim Architecture + Design, YOO Studio, CI Design, and EDSA, the development is exclusively being sold by ONE Sotheby’s International Realty, and is currently selling units at the first of eight residential towers.
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