NES Financial announced today that it has been selected by California Real Estate Regional Center to provide its leading EB-5 Escrow Administration Solution on the company’s latest project, a branded extended-stay hotel for the University of Southern California (USC) Health Sciences Campus. NES Financial’s EB-5 Solutions have been used on over 220 projects.
The EB-5 visa program, created in 1990, encourages investment into projects that stimulate U.S. job growth, while providing an opportunity for foreign nationals to become lawful permanent residents. An applicant’s investment is typically held in escrow prior to investment in a New Commercial Enterprise. In 1992, Congress enhanced the program by permitting the designation of Regional Centers to pool EB-5 capital. An EB-5 Regional Center is a business approved by the United States Citizenship and Immigration Services to coordinate and substantiate foreign investments for specific types of job-creating projects within a designated geographic area.
California Real Estate Regional Center’s latest project consists of financing a portion of the new hotel on the USC Medical Center Campus in Los Angeles. The four-story hotel will feature 200 guest rooms, over 13,000 square feet of retail space, and a conference facility to serve the USC Medical Campus.
“NES Financial came very highly recommended as the leaders in the space, having more experience with EB-5 escrow administration than anyone else on the market,” said Steve Shpilsky, Managing Principal and Co-Founder of California Real Estate Regional Center. “Foreign agents and investors were very familiar and comfortable with the NES Financial platform, so it was an obvious choice for us to use them on this project.”
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