DALLAS, June 27, 2024 (GLOBE NEWSWIRE) -- We’re happy to announce that CMB Group 88: Hillwood Detroit Fairgrounds just received its I-956F approval!
This project financed the construction of two logistics facilities on the site of the old Michigan State Fairgrounds in Detroit, MI. One facility (Parcel A) was constructed as a build-to-suit warehouse for Target.com, who is number 37 on the list of Fortune 500 companies. The second facility (Parcel B) is a speculative Class A warehouse, which is currently being marketed to multiple prospective tenants. Construction on both locations is nearing completion.
The Group 88 project underscores the transformative potential of EB-5 investments. By repurposing the old Michigan State Fairgrounds into modern logistics facilities, this initiative not only revitalizes a historically significant site, but also drives economic growth in the Detroit area. The creation of these state-of-the-art warehouses generates substantial employment opportunities and stimulates local business activities.
This marks the fifth CMB EB-5 partnership to achieve an I-956F approval under the EB-5 Reform and Integrity Act of 2022 (RIA). CMB has filed a total of 10 I-956F petitions since the RIA was passed, five of which have been adjudicated and approved by the USCIS. Previously approved partnerships were:
CMB Group 78 – Hillwood California BTS
CMB Group 81 – Inland Empire Industrial
CMB Group 82 – Hazleton Logistics Park
CMB Group 83 – Hillwood SOMI Hayward
All five of these I-956F approved EB-5 partnerships were undertaken in partnership with Hillwood Development Company. After 41 EB-5 partnerships, CMB and Hillwood together represent the most successful lender-borrower relationship in the industry (32 partnerships with project approvals from the USCIS, 19 partnerships with I-829 approvals, and over $526 million in loan repayment). CMB and Hillwood have been working together for over ten years, dating back to 2012.
The I-956F approval for Group 88 is a significant milestone, reflecting our dedication to fostering economic growth and creating job opportunities through the EB-5 program. This partnership exemplifies the strategic collaboration between CMB and Hillwood, emphasizing our shared commitment to excellence and successful project execution.
CMB has been a leader in the EB-5 industry for over 27 years, our first regional center designation was approved in 1997. We have assisted over 6,300 investor families with their pursuit of immigrating to the United States. CMB investments include investors from over 100 countries. We currently maintain a 100% project approval rate on partnerships that have undergone USCIS adjudication. Of these, 78 have already received I-526 petition approvals, and 60 have achieved I-829 petition approvals. We continue to provide compliant and approvable EB-5 partnerships to those seeking immigration to the U.S. through the EB-5 program.
CMB currently has several EB-5 investment opportunities available for subscription. If you would like to speak with one of our investment experts, please contact us HERE.
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