LCR Capital Partners 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, Florida. 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.
“An I-526 approval is an especially important milestone for our investors and their families, and for the project. 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 all of our Four Seasons at the Surf Club investors receiving their I-526 approvals.”