EB5AN’s Saltaire St. Petersburg EB-5 project, a luxury condominium tower developed by The Kolter Group, has reached a key milestone. Kolter has fully repaid the principal equity investment in the project made by EB5AN Fund X.
Sam Silverman, managing partner of EB5AN, said, “Kolter is a top-tier developer with a flawless track record. Its strong commitment to excellence is obvious in all of its projects. Kolter has once again demonstrated its ability to execute by repaying EB-5 investment funds in Saltaire St. Petersburg in full and on time.”
Although it is closed for further EB-5 investment, Saltaire St. Petersburg was one of the premier EB-5 projects on the market.
EB5AN managing partner Mike Schoenfeld added, “We are pleased that Kolter has successfully repaid EB-5 funds in yet another project. EB5AN is confident that our future offerings will also be successful and provide EB-5 investors with a timely return of their funds and U.S. Green Cards.”
EB5AN and Kolter: A Successful Partnership
Timely Repayment of EB-5 Funds in Saltaire St. Petersburg
Saltaire St. Petersburg: A Best-in-Class EB-5 Project
EB5AN Continues to Offer Successful EB-5 Projects
EB5AN and Kolter: A Successful Partnership
To offer EB-5 investors high-quality, low-risk projects, EB5AN selectively partners with top-tier developers. EB5AN is proud of its strong partnership with The Kolter Group.
Kolter is one of the largest developers in the southeastern United States. At year-end 2022, Kolter had over $1.5 billion in loan commitments. These include loans from major institutional lenders like Wells Fargo. These major banks are willing to lend to Kolter because the firm has proven time and again that it repays its debts.
In its 25+ year history, Kolter has invested in over 180 projects valued at over $24 billion. It has never failed to complete a project. It has never failed to repay a debt.
The timely repayment of EB-5 funds in the Saltaire St. Petersburg project adds to Kolter’s perfect track record.
Kolter’s collaboration with EB5AN has brought many best-in-class EB-5 projects to market. The result has been substantial foreign investment in U.S. projects that have created over 16,000 new jobs.
All investments in EB5AN–Kolter projects have either been repaid or remain in good standing. Additionally, all prior EB5AN–Kolter projects enjoy a 100% USCIS project approval rate. All of these prior projects have created all the required jobs for their EB-5 investors.
Timely Repayment of EB-5 Funds in Saltaire St. Petersburg
The Saltaire project’s targeted investment period for EB-5 investors was 4.5 years. EB5AN’s Fund X, the EB-5 investment fund, was repaid in full and on time.
Investors in Fund X received a significant preferred return on their investment. Many EB-5 investors in the Saltaire project received returns of more than $100,000, which were based on the duration of their investment.
The best EB-5 regional center operators and project developers have track records of repaying their EB-5 investors on time. EB5AN and Kolter continue to deliver on this key commitment to their EB-5 investors.
Saltaire St. Petersburg: A Best-in-Class EB-5 Project
Saltaire is a 35-story luxury condominium tower in the heart of St. Petersburg, Florida. The project was completed on time and on budget. All condo units were pre-sold more than a year before the tower was complete.
Over the course of construction, condo prices rose substantially. As a result, Saltaire was one of Kolter’s most profitable projects. Saltaire’s remarkable success is a testament to EB5AN’s and Kolter’s reliability and excellence.
The project has created all the jobs needed for all of its EB-5 investors. By the end of 2022, Saltaire had spent more than $140 million on EB-5-eligible costs.
Beyond its USCIS project approval, Saltaire has now received its first Form I-526 approval. This shows that Saltaire is also 100% compliant with USCIS regulations.
EB5AN Continues to Offer Successful EB-5 Projects
The success of Saltaire St. Petersburg is not an isolated event. All of EB5AN’s projects with Kolter have been successful. The repayment of Saltaire’s EB-5 funds sets the stage for future best-in-class EB-5 projects by EB5AN and Kolter.
EB5AN is currently offering another high yield, shorter duration EB-5 project developed by Kolter—Boynton Beach Multifamily. This Urban TEA project offers EB-5 investors an above-market 5.0% annual preferred return on their $800,000 investment with a 3.75-year target investment period.
Of this new project, Silverman said, “Developers with Kolter’s track record and experience are relatively rare in the EB-5 industry. We are pleased to continue to partner with Kolter on another high-quality project: Boynton Beach Multifamily. We believe that EB-5 investors deserve safe projects like Saltaire St. Petersburg that will allow them to get their U.S. Green Cards while keeping their hard-earned funds safe and earn a competitive return on their investment. Boynton Beach Multifamily is that kind of project.”
