Mainsail Lodging’s First EB-5 Visa Project Receives I-526 Petition Approval
December 2013 saw the opening of the Epicurean Hotel, the first built-from-scratch hotel in the United States to join Marriott International's ‘Autograph Collection’ of boutique luxury hotels. Developed jointly by Tampa based Mainsail Lodging and Development (Mainsail) and Bern's Steakhouse and operated by Mainsail, the Epicurean is a job creating enterprise in Mainsail's EB-5 program.
Even with the Epicurean’s doors open, Mainsail’s EB-5 program was able to continue to welcome foreign investors under the federal EB-5 visa program. Bridge or interim financing allowed the hotel developer to take out short term financing to help construct and develop the Epicurean, then as capital from foreign investors was received, it replaced that short term financing. The proposition was an attractive one to foreign investors that sought comfort over concerns with development, build time, construction risks and job creation that are often inherent in EB-5 projects.
The I-526 Petition approval marks the first step in the process for immigrant investors seeking to become permanent residents of the United States and confirms the bridge loan methodology used to provide financing to the Epicurean project has met the federal government’s economic development and job-creation requirements.
The 'Waterline Marina Resort & Beach Club' situated on Anna Maria Island in Florida is Mainsail’s next development; the project will also operate under Marriott’s ‘Autograph Collection’ brand, and is a second job creating enterprise in Mainsail's EB-5 program that will again make use of the bridge financing concept.
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