Florida – Via Mizner Fund – Background
Expanding the existing famous Via Mizner luxury Golf and Country Club – exclusive Boca Raton area of Florida.
Located in the heart of Boca Raton, one of South Florida’s most revered and sought-after addresses, VM Fund is centrally located near employment, entertainment, and waterfront activities. The project represents a landmark development opportunity on an irreplaceable site with breathtaking golf and water views. VM Fund is steps away from the already existing Boca Raton Resort, a Waldorf Astoria Resort that has reigned as an icon of elegance for over 80 years. It is the preeminent private resort that caters to the most distinguished guests and offers membership to local residents looking to take advantage of the chic resort.
Residents within Boca Raton lead a sophisticated and affluent lifestyle. VM Fund is expected to offer high class service to each renter. Residents will be able to enjoy an expansive fifth floor pool deck and amenity level. Catering to the prestigious Boca Raton lifestyle, the property will feature high-end finishes with 24-hour security. VM Fund will have a state-of-the-art fitness center with cardio and weight training exercise equipment. Overall, VM Fund is being designed to provide residents an experience similar to a boutique hotel.
VM Fund will be complete in 3 phases. The offerings for phase 1 and 2 are now close. Phase 3 is still available.
VM Phase 3 – Overview
VM Fund Phase III plays a very significant role in the whole project as well. The project will conclude with the building of 100 luxury units within the condominium tower. The condo building will also be managed by the hotel brand. The VM Fund condominiums will be the first in North America to be managed by the company. With the famous international brand management, convenient transportation, close proximity to world-class shopping and restaurants, and its fashionable façade, the VM Fund condo building will stand out in the market and reach maximum capacity quickly. Residents of VM Fund will also enjoy the amenities such as a spa, golf club and ocean access. Furthermore, 22,000 square feet of high-end restaurant space will also be created on the first floor, and 288 more onsite parking spots are slated for development as well.
Funding
Phase III will require $129,932,435 in total funding. Penn-Florida already contributed $25,432,435 capital into the project. The Senior Lender has already committed to provide a $60,500,000 loan to the project. The EB5 loan from 88 investors will fund $44,000,000 to help complete the construction of the project. According to an authoritative appraisal agency – Callaway & Price, Inc, the project will create $205 million in market value, which will be 4.7 times more than the original EB5 loan. The property and the buildings above will all be the collateral for the loan.
The job creation reported by a top economist – Michael Evans, which has already considered the USCIS new tenant model, indicates that Phase III will create 1,167 jobs with a 32% buffer, which equivocates to approximately 13 jobs per EB5 investment.
Read DisclaimerTo encourage immigration through the EB-5 category, Congress created the EB-5 Regional Center (Pilot) Program in 1990. EB-5 Regional Centers are considered to be any government approved entity, organization or agency, which focuses on a specific geographical area of the United States and that seeks to promote economic growth, increased regional productivity, job creation and domestic capital investment. The basic requirements for an EB-5 visa are: 1. The foreign applicant must independently establish a business OR invest into an existing business which was created or restructured after 19 November 1990; 2. The foreign investor is required to invest USD$1,000,000 into the aforementioned business ( or USD$500,000 when investing into a USCIS designated regional center); 3. The investment must create at least 10 Full-time jobs for legal U.S. residents or citizens. This website is intended for general information purposes only. All financial information and projections, as well as square footages are rounded numbers and should not be relied upon for exact statistics. This does not represent an offer or solicitation to buy or sell any security. Investments are available only to qualified investors via a confidential offering memorandum. Only the Regional Center webpage and materials can be relied upon and considered 100% accurate and lawful.
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