Westport, CT – LCR Capital Partners, the leading regional center operator in emerging EB-5 markets, announced today that multiple I-526 approvals have been received by investors in its Four Seasons Hotel & Private Residences at the Surf Club project located in Miami Beach, FL. The I-526 approvals represent the completion of the first stage of the EB-5 immigration process for investors. These first approvals came in only 18 months – the United States Citizenship and Immigration Services’ (USCIS) current average I-526 approval time is between 21 and 26 months.
“We are excited to see I-526 approvals for our Four Seasons project,” said Suresh Rajan, LCR Capital’s CEO. “This is tremendous news for the 140 investors (and counting) involved in the project and provides an additional layer of confidence for future EB-5 project investors. We are happy for our clients and their families and look forward to continuing to serve them through the rest of the EB-5 process.”
LCR Capital is contributing a $100 million EB-5 loan investment in Fort Partners’ development of the $828 million, 77-key, Four Seasons branded and operated hotel and 150 luxury residences. The iconic USCIS-approved project is currently under construction and on track to create over 9,000 EB-5 qualifying jobs.
“Fort Partners appreciates LCR as a financial partner who has helped us grow our business,” said Michael Conaghan, Fort Partners CFO. “The success of the Surf Club is due to the high-quality team of partners we were able to assemble. Congratulations to LCR for achieving this important milestone with the Surf Club’s first I526 approvals which is a testament to the quality of the Surf Club as an investment.”
“An I-526 approval is an important milestone for our investors and their families. It’s a step closer to beginning their conditional residency period in the United States,” said Matt Virkstis, LCR’s General Counsel. “We look forward to receiving I-526 approvals for the rest of our Four Seasons at the Surf Club investors.”
About LCR Capital Partners
Founded by first-generation immigrants who met at and then graduated from Harvard Business School, LCR Capital Partners is a partner-owned, global investment firm which finances the development of signature real estate and hospitality projects across the United States. The firm’s investment capital is sourced directly from foreign U/HNW investors, C-level executives, professionals, family business owners and entrepreneurs who are interested in gaining access to the United States via the U.S. government’s EB-5 Investor Visa Program. The firm currently serves over 500 U/HNW clients from 26+ countries, is headquartered in Westport and has regional offices in Miami, Houston, São Paulo, Cape Town, Dubai, and Mumbai.