EB5 Capital Provides $40.5M in Equity for Columbia Place Project in D.C.
EB5 Capital has provided $40.5 million in preferred equity financing for Columbia Place, a $230 million dual-branded Marriott hotel project in Washington, D.C. Quadrangle Development Corp. and Capstone Development are co-developing Columbia Place, which comprises a 357-room Courtyard and a 147-room Residence Inn within one building. Brian Ostar of EB5 Capital led the fundraising campaign, and Patrick Rainey of EB5 Capital structured the investment platform. EB5 Capital raised the funds from 81 foreign investors through the EB-5 Immigrant Investor Program. Under the U.S. Citizenship and Immigration Services (USCIS) program, the EB-5 program allows a foreign national interested in obtaining permanent U.S. residency to do so by investing in a commercial enterprise that generates at least 10 jobs for U.S. workers for two years. The qualifying investment for a project like Columbia Place is $500,000.
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