EB5AN has engaged Baker Tilly, a leading global accounting and advisory firm, to perform agreed-upon procedures on the records supporting repayments on six of our past Kolter-developed EB-5 projects. Baker Tilly has issued an Independent Accountants’ Report documenting its procedures and findings for each loan and investment covered.
The report includes five fully repaid loans and investments representing $64.3 million in original capital. Baker Tilly traced repayment deposits to bank statements obtained directly from the banks and compared the repayment schedule with executed agreements, tax returns, and payoff documentation.
The report gives prospective investors independent, third-party documentation of EB5AN’s repayment history and reflects our commitment to making our track record available for independent scrutiny.
“Independent scrutiny gives a repayment track record greater credibility,” said Sam Silverman, managing partner of EB5AN. “By engaging Baker Tilly and making its findings available, we are giving investors a stronger basis for evaluating our past financial results. That level of transparency should be a basic expectation in the EB-5 industry.”
To request a copy of Baker Tilly’s Independent Accountants’ Report and learn more about the repayments covered, we invite you to schedule a free consultation with EB5AN. Our team can walk you through the report and answer questions about the specific funds and transactions—as well as help you evaluate an EB-5 project’s financial strength and suitability for your immigration goals.
Below, we explain which repayments the report covers, what Baker Tilly reviewed, and how this work builds on our financial track record and commitment to transparency in the EB-5 industry.
Schedule a Free Consultation with EB5AN to Request Baker Tilly’s Report
The Repaid Kolter Projects Included in the Report
What Baker Tilly Verified
Baker Tilly’s Credentials and Experience
EB5AN’s Broader Track Record of Development and Repayment
An Independent Review of Our Records Supports EB5AN’s Commitment to Transparency
Request a Copy of Baker Tilly’s Report and Learn More About EB5AN’s Projects
The Repaid Kolter Projects Included in the Report
The report covers loan and investment repayments received from July 23, 2015, through May 29, 2026, for the following six projects:
- VUE Sarasota
- Mark Sarasota
- Saltaire St. Petersburg
- Water Club North Palm Beach
- Twin Lakes Georgia
- ONE St. Petersburg
Together, the first five loans and investments represent $64.3 million in original capital and $64.3 million in principal repayments. The majority of the sixth loan, ONE St. Petersburg, was repaid early, and the remaining amount is expected to be repaid at maturity in early 2027.
What Baker Tilly Verified
Baker Tilly compared the repayment schedule prepared by EB5AN management with the executed agreements and financial records supporting each transaction.
Executed Agreements and Tax Records
For each loan or investment, Baker Tilly compared the lender or investor name on the schedule with the executed loan agreement or operating agreement for that transaction. No differences were noted, confirming that each named fund is the legal party to the transaction it reports.
For the loans, Baker Tilly also compared year-end loan balances with the balances reported on the income tax returns for the same years. No differences were noted. This ties the historical loan balances to records prepared for tax reporting.
Repayments Traced to Bank Statements
Baker Tilly traced the payments identified by management to deposits on bank statements received directly from the third-party financial institutions, comparing both the deposit amount and the deposit date with the repayment schedule. No differences were noted.
Because the statements came directly from the banks rather than from EB5AN, they provide an independent, external source for the amounts and dates on the schedule. For an investor evaluating our repayment history, this establishes when each fund received its money and how each reported payment was substantiated.
Payoff Documentation
Baker Tilly also obtained payoff statements, paid-in-full letters, loan satisfaction letters, and other payoff documentation issued by the borrowers or investees, and compared the names and payoff amounts in that documentation with the schedule.
Where applicable, Baker Tilly also compared the payment amounts traced to bank statements with the payoff amounts in the supporting documentation. No differences were noted.
The schedule also shows the timing of each individual payment, so readers can see the original capital amount, each payment date, and the total received together—and how each balance was repaid over time.
Baker Tilly’s Credentials and Experience
Baker Tilly brings the resources of a major accounting and advisory organization to this engagement. Its U.S. business serves clients across all 50 states and works across more than 30 industry sectors. The firm traces its history through predecessor firms spanning more than a century.
National Standing and International Reach
Baker Tilly is the sixth-largest accounting firm in the United States, with deep experience serving real estate developers and investment funds, where financial records often span multiple entities and years.
The U.S. firm is also an independent member of Baker Tilly International, one of the world’s 10 largest accounting networks. The network reports more than 750 offices across 147 territories, a workforce exceeding 50,000, and $6.8 billion in worldwide revenue for 2025.
Experience with Real Estate and Investment Funds
Baker Tilly’s real estate practice serves developers, owners, lenders, institutional investors, and private equity real estate funds. Its experience covers residential development, commercial properties, hospitality, and mixed-use projects, among other segments. Its services include accounting and assurance, transaction support, valuation, and agreed-upon procedures.
That experience maps directly onto the fund entities and financing structures used in EB-5 real estate investment.
Baker Tilly’s work for EB5AN was an agreed-upon procedures engagement, a service offered through the firm’s assurance practice. In this type of engagement, the accountant performs specified procedures and reports its factual findings, so investors can see exactly which comparisons were made and what was found. Baker Tilly’s engagement was conducted under attestation standards established by the American Institute of Certified Public Accountants (AICPA), which require the accountant’s independence.
EB5AN’s Broader Track Record of Development and Repayment
Founded in 2013, EB5AN has built a portfolio spanning multiple development types and stages of completion. We have created more than 50 investment funds across 30 real estate developments, representing more than $8 billion in total project development costs.
Our immigration track record includes more than 800 Form I-526E approvals for investors in EB5AN-sponsored projects launched under the EB-5 Reform and Integrity Act of 2022, with some petitions approved in as little as three months. These projects have also created more than 16,000 qualifying EB-5 jobs, and across our full portfolio, more than 33,000 qualifying EB-5 jobs had been created as of May 2026. As of the same date, EB5AN investors had a 100% approval rate on adjudicated Form I-829 petitions to remove the conditions on their permanent residency. Together, these results span every stage of the immigration process—from initial petition approval to job creation and removal of conditions.
At the project level, EB5AN has received 34 Form I-956F approvals from U.S. Citizenship and Immigration Services (USCIS) and has maintained a 100% USCIS project approval rate across the regional center projects we have managed since 2013. Our approved projects span multiple states and property types, including single-family communities, multifamily apartments, condominiums, ski resorts, and wellness resorts. Some I-956F approvals have arrived in under three months, with the fastest in 1.6 months.
This approval history also extends to our current investment options. Currahee Club, Hard Rock Pointe Vista, Spring Haven, and both the loan and equity offerings at Brandon Multifamily have received Form I-956F approval. Investors can therefore compare rural and urban projects with different financing structures whose project-level EB-5 eligibility USCIS has already reviewed and approved.
Repayment is central to that track record. In October 2025, EB5AN announced the full repayment of eligible investors in Mark Sarasota—investors reaching the final financial milestone of an EB-5 investment: receiving their capital back. That investor-level outcome complements the fund-level repayment records Baker Tilly reviewed.
That same month, Kolter completed its full repayment of the $24.5 million Water Club North Palm Beach EB-5 loan.
Together with the other transactions listed above, these outcomes demonstrate EB5AN’s experience managing EB-5 investments all the way through repayment.
Our disciplined approach begins well before repayment. EB5AN screens developers for financial strength, experience, and the ability to complete the proposed project, and structures its projects so that completion does not depend on raising a minimum amount of EB-5 capital. EB5AN is independent of Kolter, so we evaluate each Kolter project on its own merits in our role as the EB-5 fund manager.
EB-5 investors can assess this history alongside our current offerings by reviewing the developer, financing structure, construction progress, and proposed exit strategy for each investment. Past repayments provide useful evidence of experience, while the merits and risks of a new project require their own analysis.
Baker Tilly’s report adds independently reviewed repayment records to the information available for that evaluation.
An Independent Review of Our Records Supports EB5AN’s Commitment to Transparency
At EB5AN, we believe investors should be able to examine the evidence supporting a financial track record.
A regional center’s repayment history is more useful when investors can identify the fund involved, the original amount invested, the payments received, and the documentation reviewed. The same emphasis on evidence applies to reviewing a current project’s financial statements before committing capital.
Engaging Baker Tilly puts that principle into practice. EB5AN management prepared the repayment information and supplied supporting records. Baker Tilly then independently reviewed those records—including by tracing repayments to bank statements obtained directly from the financial institutions—and documented its procedures and findings in a written report.
This adds an independent, third-party review of the underlying records to how we present our repayment history. Investors can request the report, examine the procedures themselves, and discuss the findings with their advisers. Making that evidence available for scrutiny is accountability in practice.
The engagement builds on EB5AN’s commitment to transparency and quality. We provide educational resources, explain the terms of each EB-5 project, and encourage investors to ask detailed questions about financial risk. Having the records behind our past repayments independently reviewed extends that approach to the evidence behind our financial history.
Request a Copy of Baker Tilly’s Report and Learn More About EB5AN’s Projects
Prospective EB-5 investors can schedule a free consultation with EB5AN to request a copy of Baker Tilly’s report. Our team can walk you through the loans and investments covered, explain how the report relates to the named funds, and answer questions about our approach to financial transparency.
We also invite you to compare EB-5 projects on the market with our team—their financial structures, developer experience, and repayment plans. EB5AN offers several rural and urban EB-5 projects to help you pursue a U.S. Green Card and the return of your invested capital.