Golden Gate Global, a San Francisco, California-based EB-5 regional center, received Form I-956F project approval from USCIS for its current High Unemployment Targeted Employment Area (TEA) project, the Brooklyn Basin Of Oakland Phase 2. The decision continues GGG's 100% USCIS project approval rate.
"We are elated to receive USCIS project approval for our Brooklyn Basin Project. It is a testament to our robust project underwriting. This milestone underscores our commitment to diligence, ensuring a secure and successful EB5 investment opportunity for our investors. We look forward to contributing to the growth and prosperity of our investor community through similar high-quality EB5 projects in the future." - said Jeff DeCicco, COO at Golden Gate Global.
The Form I-956F approval is an important step in the EB5 process. It signifies that the U.S. Citizenship and Immigration Services (USCIS) has reviewed the project's documentation and found that it fully complies with the requirements of the EB-5 program. This includes validation of Brooklyn Basin's designation as a high unemployment targeted employment area, as well as approval of the project's job creation methodology and secured loan structure, along with other critical investor protections.
Brooklyn Basin EB5 Project is in its second phase of development. It is located 15 minutes from downtown San Francisco. It is a new waterfront community in Oakland, California. This EB-5 project consists of two multifamily developments on parcel G ("Project G") and parcel H ("Project H") within the Brooklyn Basin community. For this offering, investors have a 100%+ job creation cushion and a short 3-year EB5 loan term with two 1-year extensions (3+1+1).