Description of the project

Location - Location - Location is one of the outstanding key reasons to why invest in this project.

High-end contemporary design made by fine architect Frank Benayon with 42 residences ranging from 1 to 3 bedrooms with open concept top of the line kitchen, floor to ceiling impact windows, and floor plans to accommodate large balcony. 

Finest roof-top amenities with heated infinity pool, spa and grill area surrounded by a 360 degrees views with deck and terraces.

Already in construction with final occupancy expected by first quarter of 2018.

Prices range from USD 650,000 to USD 750,000.


Description of Developer

Family owned development company with an implacable track record of 25 years in Miami been the largest private owner and operator of hotel rooms in Miami Beach with 15/16 updated hotel properties the company while large in size and accomplishments still conservative and traditional with the goal to preserve capital by assuming low risk – mid size new development projects with a company culture of low bank liabilities to provide safe business to long traditional equity investors.


Location

On the east island of Bay Harbor Islands walking distance to Bal Harbour Shops and Collins Avenue on Sufside Beach.

Perfect location in a quite gated style city connected through a bridge to the east with Collins Avenue on Surfside Beach and to west bridge with Biscayne Boulevard and Aventura Mall a drive away.

 Bay Harbor Islands is considered one of the top 10 best ranked school districts of South Florida.


Evaluation of Risk for EB5 Investor

This is a small-size residential project, what makes it easy to build and create the jobs required under the EB5 Program.

The EB5 capital is invested in the project as a secure loan for 5 years or until the I-829 approval.

By the time the EB5 investor subscribe his capital to the project to file the I-526 and thus formally request the Green Card, most of the EB5 Program’s required jobs will be already created.

Besides the acquisition of the Green Card trough the EB5 program, this is one of the few projects in which the investor given the opportunity to buy one apartment at launching prices. Should the investor take this option, he will benefit from owning – thus, moving or renting – a high-end property during the process. With the approval of the I-829 petition (permanent Green Card), the investor will receive the property deed, henceforth being able to sell the acquired property.


Corporate Structure

                                      

Investor’s business entity

PALMS MIAMI EB5 LLLP
EB5 investors partnership’s management

BECOME AMERICAN INVESTOR LLC
Developing company

BH BAYVIEW LLC
Regional center

FIRST FLORIDA REGIONAL CENTER
Escrow account unit
GRANITE ESCROW

Capital Structure

                                                                                                                                             

Funding source

ValuePercentage
EB5
USD 8,000,00040%
Developer funds

USD 5,257,39727%
Loan
USD 5,000,00025%
Others
USD 1,555,3718%
TOTAL
USD 19,812,768




Use of funds:
ValuePercentage
Land acquisition cost
USD 4,137,39721%
Soft cost
USD 1,298,0007%
Construction
USD 13,530,30568%
Others
USD 847,0664%
Total
USD 19,812,768

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