CanAm Enterprises (“CanAm”) is pleased to announce that its 38th EB-5 project repaid to all of its EB-5 investors – a $12 million loan that was used to fund the redevelopment of the Makaha West Golf Course in Hawaii, which was recently endorsed by world-class golfing legend Tiger Woods. The EB-5 project created in excess of 300 jobs, which translates into over 12 jobs for each EB-5 investor. All job-creation requirements were met and USCIS has already approved I-829 Petitions for all 24 EB-5 investors who helped finance the Project.
The CanAm limited partnership was originally formed to help fund a solar panel design and manufacturing business in Honolulu, Hawaii. However, because the terms of the Limited Partnership’s loan intended to protect investors’ collateral had not been met, the limited partnership did not fund the solar project and instead identified an alternative job-creating project within the Hawaii Regional Center. Accordingly, the limited partnership’s $12 million loan was ultimately deployed to fund the redevelopment of the Makaha West Golf Course, which has created the requisite jobs to satisfy the requirements of all 24 EB-5 investors.
“Since the change in the job-creating project could have been deemed a material change by USCIS, rigorous analysis was undertaken to preserve investors’ continued immigration eligibility,” said Carolyn Lee, Founder of Carolyn Lee, PLLC, who was retained by the limited partnership to advise on the complex issue of material change and help prepare the comprehensive I-829 Petitions for submission to USCIS.
24 EB-5 investors filed their I-829 Petitions predicated on the limited partnership’s investment in the Makaha West Golf Course, which USCIS ultimately approved notwithstanding the change from the original project approved in their I-526 Petitions. “This case exemplifies how careful restructuring in the face of substantial project changes can result in successful I-829 outcomes,” said Ms. Lee.
“I just received confirmation from CanAm Enterprises about the full capital repayment. My family and I offer our most sincere gratitude to CanAm and appreciate its integrity and reliability. I also want to thank you for your patience and clear explanations in every phone call,” said investor Mr. Chen from China.
CanAm’s President & CEO Tom Rosenfeld comments, “I want to acknowledge that the EB-5 journey of these investors was more challenging than we would have liked, and to sincerely thank all of them for their patience and trust over the years. We are thrilled that all of our investors in this project have been repaid their capital investments in full and have all obtained unconditional permanent residency in the United States. CanAm has always put our investors first and we are proud to have these 24 investors join our family of repaid investors.”
To date, more than 2,000 investor-families have received principal repayment from CanAm, totaling more than $1 billion.
The EB-5 Immigrant Investor Program is administered by the United States Citizenship and Immigration Services (USCIS). The Program provides qualified foreign investors with the opportunity to earn “conditional” or temporary two-year visas in return for investing $500,000 in businesses located in high unemployment areas that create or retain at least ten permanent full-time jobs for U.S. workers.
With three decades of experience promoting immigration-linked investments in the United States and Canada, CanAm has a long and established track record. Basing its business on a reputation of credibility and trust, CanAm has financed more than 55 project loans and raised $2.8+ billion in EB-5 investments. CanAm exclusively operates seven USCIS-designated regional centers that are located in the city of Philadelphia, the Commonwealth of Pennsylvania, the county of Los Angeles, the Metropolitan Region of New York, the states of Hawaii, Florida, and Texas. For more information, please visit canamenterprises.com