EB5AN is thrilled to have recently joined Kolter to break ground at the Boynton Beach Multifamily urban EB-5 project. This event, led by the developer, Kolter Multifamily, marks a major milestone for the project. We are pleased to announce that the project is moving forward as planned.
In this article, we discuss the groundbreaking event and what it means for Boynton Beach Multifamily. Then, we talk about the project and its development timeline. Finally, we explain why this event is great news for EB-5 investors in Boynton Beach Multifamily.
Boynton Beach Multifamily Groundbreaking Event
Boynton Beach Multifamily Project and Timeline
What Groundbreaking Means for EB-5 Investors in Boynton Beach Multifamily
Boynton Beach Multifamily Groundbreaking Event
On Sunday May 19, 2024, EB5AN’s Sam Silverman, Michael Schoenfeld, Ahmed Khan, and Jake Hoyle joined Jeff Quinlivan, president of Kolter Multifamily, to break ground on the Boynton Beach Multifamily project. This event is an important milestone for the project.
By breaking ground at the project site, Kolter has begun to shift from the planning phase to construction. This event was the first step in transforming the project’s urban infill site into what Quinlivan describes as a “cruise ship on land.”
Boynton Beach Multifamily Project and Timeline
Boynton Beach Multifamily is a planned 210-unit apartment community for active adults age 55 and older. The community will have high-end amenities and will hold frequent events for its residents.
As an active adult community, Boynton Beach Multifamily will feature about twice the usual amenity space. The clubhouse will be 15,000 square feet and will include a yoga room, fitness room, dining room, and arts-and-crafts room. The site will also have a resort-style pool.
Groundbreaking marked the first step of site work after a two-year entitlements process. During this time, Kolter worked to gain support from the surrounding neighborhoods. Kolter also obtained the approvals and permits it needs to start work at the site. Now, Kolter can start demolition and groundwork before moving on to vertical construction.
The project’s civil and building permits are under review. Kolter expects to receive the civil permits in about 30 days and the building permits in about 60 days.
Once it has these permits, Kolter will start vertical construction. The first units should be completed in about 16 months from the start of construction. Kolter expects to complete construction and lease all units within about 40 months, or three and a half years.
What Groundbreaking Means for EB-5 Investors in Boynton Beach Multifamily
What does all of this mean for EB-5 investors? Groundbreaking on this project highlights Kolter’s reliability and shows where the project is in its development.
EB-5 investments rely on the timely execution of a project’s business plan. If spending is delayed, jobs may not be created within the timeline required by the EB-5 program.
Also, prompt repayment of EB-5 funds depends on the completion of the project. Usually, EB-5 funds are not repaid until after a project is refinanced, sold, or earning profits. If a project is not finished on time, EB-5 investors may not be repaid on time. For some investors, a delay in repayment could be financially disastrous.
But Boynton Beach Multifamily is on schedule with its entitlements, groundbreaking, permitting, and site work. As such, delays are much less likely. Each milestone reached lowers the risk for EB-5 investors.
EB5AN has structured two distinct investment offerings for Boynton Beach Multifamily. The equity option features a 5.0% preferred return and a short 3.75-year targeted investment timeline. The loan option has a three-year loan term and a repayment guaranty. USCIS has approved Form I-956F for both offerings.
For more information about this project, our other best-in-class offerings, or the EB-5 investment process, schedule a free consultation with EB5AN. We would love to help you take the next step in your EB-5 journey.
