Behring’s EB-5 Project Receives 7 I-829 Approvals in One Week
Behring Regional Center LLC is proud to announce the batch processing of seven I-829 approvals of our successful portfolio fund, the Madison Park Project. To date, the average I-829 approval time for this project is 2.5 years, and every investor who reached their sustainment requirements has been repaid. These approvals validate the multi-asset investment EB-5 project strategy, recently featured in Behring’s RISE Fund where job creation is guaranteed.
Behring’s First Asset in the RISE fund is already occupied and cash flowing.
What is the I-829 Petition and What is Required for Approval?
United States Citizenship and Immigration Services (USCIS) issues I-829 approvals when the investor demonstrates that their investment created at least ten new full-time jobs and has met the requirement to sustain an at-risk investment for a two-year period. An I-829 approval removes the conditions on an investor’s permanent residence and enables the investor to receive the permanent green card and opens the path to U.S. Citizenship for EB-5 Investors.
The I-829 process includes a thorough review of the underlying project. Unlike a forward-thinking business plan forecasting job creation, the I-829 filing demonstrates to USCIS where and when the jobs were created.
The Madison Park Project funds were deployed into three residential developments in Oakland, namely 3030 Chapman, Hollis Oak, and Hannah Row. This development created 350 jobs for the local economy satisfying the requirements for the whole EB-5 investor class and created over 200 new housing units for the city.
These projects have not only been completed or are nearing completion but have also created significant job opportunities, exceeding the program’s job creation requirements and have repaid every qualifying investor. Our 100% success rate on repayments reflects the financial strength of our funds. No RFEs were issued for our I-829 petitions.
These I-829 Approvals Reinforce Behring’s Innovative Multi-Asset Strategy to EB-5.
With the Madison Park portfolio fund investment, Behring’s innovative team created jobs with a debt instrument where the capital was made available to three different properties within a single EB-5 project. With diversification, investors can dissolve development risk and spread job creation and repayment across multiple small, fast-built, multi-family apartment buildings. (Learn more about the importance of a diversified strategy.) Behring’s portfolio EB-5 approach exemplified by the Madison Park Project received USCIS approval at all levels – I-924 exemplar, I-526 petition and I-829 remove of conditions. Today’s EB-5 investors can access the same strategy with our RISE Fund.
To learn more about our current offering, the RISE fund, schedule a call with our team or sign up for a site visit where you’ll see completed projects and upcoming construction on campus at the University of California at Berkely. By delivering a diversified placement to the community, supported by a loan which is already cash-flowing, we’re confident that our RISE investors will meet the job creation requirements and follow the same path as our Madison Park Project investors.