NES Financial announced today that Western National Capital Partners has selected its EB-5 Escrow Solution for the group’s latest redevelopment project. NES Financial’s EB-5 solutions were designed specifically for the industry and have been utilized on over 200 projects, more than any other solution on the market.
The EB-5 visa program, created in 1990, encourages investment into government-approved projects that stimulate U.S. job growth, while providing an opportunity for foreign nationals to become lawful permanent residents. An applicant’s investment is typically held in escrow prior to subscription in a New Commercial Enterprise.
Western National Capital Partners, in conjunction with Northeast Ohio Regional Center, will be converting a historic office building in Cleveland, Ohio into a new hotel. Le Meridien is an upscale brand that became part of the Starwood family in 2005 and will feature over 200 large-space rooms, an indoor parking structure, ground-floor retail space, and a trendy rooftop bar. Located within walking distance of all of the city’s main attractions, the redeveloped hotel will preserve many of the original building’s historic architectural elements.
“We were seeking experts in EB-5 escrow administration who had the proven track record and experience to handle all of the aspects of the escrow process for this high-profile project,” said Stephen Goodman, President of Western National Capital Partners. “NES Financial came highly recommended as the most experienced escrow administrator in EB-5. The strength of their experience with similar projects combined with the unique capabilities they offer through their solution were important factors in our decision-making process.”
NES Financial’s suite of EB-5 Solutions has been developed to meet the needs of stakeholders through the entire EB-5 immigration cycle. The combined offerings of EB-5 Intelligent Escrow, EB-5 Fund Administration, and EB-5 Immigration Workflow track and manage the flow of funds and immigration documents with the highest levels of security, transparency, and compliance. By handing off the back office administration to NES Financial, EB-5 issuers can reduce their overall expenses, freeing up resources for the core needs of their project.
“EB-5 continues to grow as a viable source of funding on quality mainstream projects,” said Reid Thomas, NES Financial Executive Vice President. “With the benefits of the increased security, transparency, and compliance, our solution lines up perfectly for mainstream developers who wish to add EB-5 funds to their overall capital stack, as well as for investors who are looking for permanent residency through the immigration process.”
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