Birch Capital LLC was approved by the United States Citizens & Immigration Service (USCIS) on January 24, 2014 for a Regional Center in Richmond, Virginia, the Birch Capital Richmond Virginia Regional Center, pursuant to the laws and regulations pertaining to the EB-5 Immigrant Investor Pilot Program.
We have identified several investment opportunities within the City, however, seek additional investment opportunities. The focus of our due diligence investigation has been additional phases of the Virginia BioTechnology Research Park, a biomedical research facility. Birch Capital has been in discussions for the development of a clinical/research building in or adjacent to the BioTechnology Park.
The University of Maryland, Baltimore was founded in 1807 as the first public medical school in the United States. The urban campus includes the University of Maryland Medical Center, the Baltimore Veterans Affairs Medical Center, the world’s first Shock Trauma Center, and the Institutes for Genome Sciences and Human Virology, along with numerous related public and private sector healthcare and medical uses. The State of Maryland has a workforce of 34,000 private sector bioscience employees. There are more than 40 life science research-intensive federal institutions within an hour’s drive of the BioPark.
Wexford Science and Technology has planned, developed / redeveloped, financed, constructed, and leased over 2,500,000 square feet of commercial space, a majority of which is highly specialized life science research and research support office space for major universities. Additionally, the firm has over 500,000 square feet of space currently under development for major universities and research based institutions, and has 6,500,000 square feet of remaining development potential in client research parks.
Birch North Carolina EB-5 Regional Center – Wilmington, North Carolina Convention Center Hotel Project (Embassy Suites/Hilton Hotels)
Total Project Cost – $32,000,000
Bank Loan & Developer Equity – $23,000,000
Total EB-5 Investment – $9,000,000
Number of EB-5 Investors – 18
Number of Jobs Projected – 338
Number of Jobs Required – 180
- USCIS Regional Center Approved
- Located in an approved Targeted Employment Area (TEA) – only $500,000 investment, plus offering expense fee of $40,000
- Construction to begin early 2014 for completion in 2015
- Project is located in downtown Wilmington, N.C., adjacent and connected to the new Wilmington Convention Center
- 174-room hotel with full-service restaurant and meeting spaces will carry the Embassy Suites (Hilton Hotels) flag
- Experienced and successful hotel development team
- Endorsed by Wilmington, N.C. city government
- Project will be substantially funded (72%) by developer cash equity and bank loan.
Ben Cummings & Bruce Ricciuti, along with Kevin Keyser of Wexford Science + Technology, conducted a roundtable discussion entitled Innovative Financing: The EB-5 Immigrant Investor Program at the Association of University Research Parks International Conference held in Philadelphia September 25-27. More info on AURP is available at www.aurp.net. A copy of our presentation can be downloaded below.
UM students, Chrissy Houston & Maggie Ricciuti, tailgate with University of Miami President Donna Shalala at a recent Hurricane football game at Sun Life Stadium.
Ben Cummings conducted tours of the University of Miami Life Science & Technology Park in August for BirchLEAF Miami 31 investors.
Nearly 300 of the top real estate executives gathered at the fourth annual Akerman U.S. Real Estate Summit In Miami, Florida on April 12, 2013. The Akerman Summit explored the latest trends impacting investment in commercial real estate in the United States. Experts addressed the challenges still affecting the industry, the state of the global markets, and opportunities presenting value for investors. Ben Cummings was a panelist on “Alternative Capital Sources: A Look at EB-5”. Ben discussed the EB-5 program, as well as our success at the University of Miami Life Science & Technology Park and future projects.
New restaurants open in University of Miami Life Science & Technology Park