Golden Gate Global (GGG) EB-5 Investment Fund is pleased to report multiple green card petition approvals in its EB-5 project Brooklyn Basin of Oakland Phase 2.
"We are thrilled that investors have received approval of their conditional green cards. At Golden Gate Global, we strive to balance investors’ immigration and financial objectives. Congratulations on reaching this pivotal milestone!" said Steven Kay, Founder and Co-CEO of GGG.
Approval of the application for a conditional green card (Form I-526E) means that the United States Citizenship and Immigration Services (USCIS) has greenlighted an EB-5 investor's source of funds and the project’s business plan. Thereafter, investors and their dependents receive conditional green cards, which grants them permanent residence status, affording unrestricted access to education and employment opportunities across the United States.
Brooklyn Basin fundraising was unique as approximately 45% of all investors reside in the United States on either H-1B work or F1 student visas. The EB-5 program’s increased domestic popularity has been attributed to the EB-5 Reform and Integrity Act of 2022’s (RIA) enablement of concurrent filing of adjustment of status and employment authorization.
This procedure allows U.S.-based investors to remain in the country and obtain employment without sponsorship while waiting for their conditional green cards. H-1B and E-2 visa holders are using EB-5 concurrent filing to prevent children from aging out and losing status in the country.
Brooklyn Basin is a waterfront community in Oakland, CA, 25 minutes from downtown San Francisco. It consists of 2 multi-family developments on parcels G and H. The finished buildings combine to offer 750+ multi-family units and 48,000+ square feet of retail space. The Caspian building (parcel G) was completed in Q4 2023 and is fully operational. According to property manager Cushman & Wakefield, the current occupancy rate is 40%+.
In addition to the good news from Brooklyn Basin, investors in GGG’s Appellation Sun Valley project have begun to receive Form I-526E approvals. The firm has also received project approvals for all of its EB-5 projects sponsored since the RIA: Brooklyn Basin Phase 2, Appellation Sun Valley, and Anasu Resort.
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