Kolter Fully Repays ONE St. Petersburg EB-5 Loan Months Early

EB5AN is proud to announce that The Kolter Group has fully repaid the EB-5 loan for ONE St. Petersburg early—months ahead of schedule. The 41-story tower in downtown St. Petersburg, Florida, is complete, every condominium has been sold and closed, and the project created more than 2,000 EB-5-eligible jobs—enough for all investors in the project.

This is the result every EB-5 investor hopes for: a finished project, job creation well beyond the requirement, permanent Green Cards, and the return of invested capital. This post covers the project, the repayment, what it means for the fund’s investors, and how ONE St. Petersburg adds to EB5AN’s long and successful track record of real estate investments with Kolter.

ONE St. Petersburg: A Landmark Tower in Downtown St. Petersburg

ONE St. Petersburg is a 41-story luxury condominium tower in the center of downtown St. Petersburg. Developed by Kolter Urban, the condominium development division of The Kolter Group, the building holds 253 residences above street-level retail, with an adjacent Hyatt hotel completing a full mixed-use city block. When it opened, ONE was the tallest building in St. Petersburg. ONE St. Petersburg is located in an urban targeted employment area (TEA).

The total construction cost of the project was over $200 million, and all for-sale condominium units were successfully sold, closed, and turned over to buyers. Residents enjoy private terraces with views of Tampa Bay and the city skyline, along with an amenity deck that includes a pool, spa, fitness center, and game room. The tower sits within walking distance of the waterfront, the downtown commercial district, and many of the city’s best restaurants.

The EB-5 Loan Was Fully Repaid, Ahead of Schedule

This month, Kolter fully repaid the EB-5 loan from EB5AN, months before its scheduled maturity date. Full and early repayment matters to investors because it shortens the time their capital is invested in the project.

The repayment follows the two milestones that define a successful condominium development. Construction is finished, and every unit in the tower has been sold and closed. With the building complete and fully sold, the project was in a position to return all EB-5 capital.

Investors who have completed their conditional residence period or are no longer seeking an EB-5 visa will now receive their full investment back. ONE St. Petersburg has delivered on both parts of its EB-5 promise: a path to permanent residence and the return of their investment.

I-829 Approvals and More Than 2,000 EB-5 Jobs Created

Under EB-5 program rules, each investor must create at least 10 full-time jobs for U.S. workers. ONE St. Petersburg created more than 2,000 EB-5-eligible jobs, which is significantly more than the amount required for all investors.

A large job surplus protects investors. USCIS reviews job creation when an investor files to remove the conditions on their Green Card. If a project creates only the minimum, any job that USCIS does not accept could put a petition at risk. When a project exceeds the requirement by a wide margin, as ONE St. Petersburg did, that risk falls away.

Several investors in ONE St. Petersburg have already received Form I-829 approval. These approvals confirm that USCIS has accepted the project’s job creation, flow of funds, and other aspects of the investment structure.

EB5AN and Kolter: More Than 30 EB-5 Projects Together

Founded in 1997, The Kolter Group is one of the largest private real estate developers in the United States. Kolter has invested in real estate projects worth more than $40 billion, completed over 110 residential developments, and delivered more than 35,000 units. Across its 29-year history, Kolter has never failed to repay a loan and has a 100% project completion rate.

EB5AN and Kolter have worked together on more than 30 EB-5 projects. EB5AN is fully independent from Kolter, which allows it to put investor interests first when structuring and monitoring each offering. ONE St. Petersburg joins a growing list of repaid EB5AN-Kolter projects, including Water Club North Palm Beach, Mark Sarasota, VUE Sarasota, and Saltaire St. Petersburg. EB5AN maintains a 100% USCIS project approval rate.

Current EB5AN-Kolter Projects Available for Investment

EB5AN continues to offer EB-5 investments in Kolter developments that follow the same disciplined approach as ONE St. Petersburg.

Elyse Atlanta

Elyse Atlanta is a 20-story luxury condominium tower with 194 units being developed by Kolter in the heart of Buckhead, Atlanta’s most prestigious residential and commercial enclave. Construction is underway, and the project has already created more than 330 qualifying EB-5 jobs, enough to satisfy the job creation requirement for the first 33 investors. Presales have been strong, with over $100 million of condominium units already sold. Investors benefit from a loan repayment guaranty by a Kolter parent company and a short 3-year loan term.

Spring Haven

Spring Haven is an urban EB-5 loan investment in Newnan, Georgia, built on Kolter’s Cresswind active-adult community model. Investors benefit from a loan repayment guaranty, a job creation guaranty, and an I-526E approval refund guaranty (Form I-526E is the petition a regional center investor files to begin the EB-5 process). Construction is well underway, with more than enough EB-5 jobs already created for all investors in the project. The project has received USCIS approval of its Form I-956F, the regional center’s application for project approval.

Brandon Multifamily

Brandon Multifamily is a 280-unit market-rate apartment community in Brandon, Florida, developed by Kolter Multifamily. Investors can choose an equity or a loan structure. The project is located in an urban TEA, has received Form I-956F exemplar approval, and includes a job creation guaranty and an I-526E approval refund guaranty. The loan option also carries a repayment guaranty from a diversified Kolter parent company.

Celebrating Another Completed EB-5 Project

The early repayment of the ONE St. Petersburg loan is a milestone for EB5AN, for Kolter, and above all for the investors who trusted the project with their capital and their immigration goals.

More than 3,000 families from over 70 countries have selected EB-5 projects sponsored by EB5AN regional centers. Our expert team has more than a decade of experience and offers clients high-quality, low-risk EB-5 regional center projects with a 100% USCIS project approval rate.

If you would like to learn more about your EB-5 investment options, book a free call with our expert team today.