Brooklyn Basin of Oakland Phase 2 TEA EB-5 Project Awarded Form I-956F Exemplar Application Approval

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Feb 22, 2024, 13:14 ET

SAN FRANCISCO, Feb. 22, 2024 /PRNewswire/ -- Golden Gate Global, a San Francisco, California-based EB-5 regional center, received Form I-956F project approval from USCIS for its current High Unemployment Targeted Employment Area (TEA) project, the Brooklyn Basin of Oakland Phase 2. The decision continues GGG's 100% USCIS project approval rate.

EB-5 TEA Project Brooklyn Basin Phase 2 Overview.

Golden Gate Global's Brooklyn Basin EB-5 project represents a balance of proven job creation and financial investment viability. All the jobs have been created, and the construction of the second building will keep EB-5 funds invested in the project for the entirety of the EB-5 loan term. Furthermore, the borrower has repaid $25 million bridge loan that was provided by Urbanite Capital (a non-EB-5 affiliate of Golden Gate Global) in 2021. — EB-5 TEA Project Brooklyn Basin Phase 2 Overview. Golden Gate Global's Brooklyn Basin EB-5 project represents a balance of proven job creation and financial investment viability. All the jobs have been created, and the construction of the second building will keep EB-5 funds invested in the project for the entirety of the EB-5 loan term. Furthermore, the borrower has repaid $25 million bridge loan that was provided by Urbanite Capital (a non-EB-5 affiliate of Golden Gate Global) in 2021.

"We are elated to receive USCIS project approval for our Brooklyn Basin Project. It is a testament to our robust project underwriting. This milestone underscores our commitment to diligence, ensuring a secure and successful EB5 investment opportunity for our investors. We look forward to contributing to the growth and prosperity of our investor community through similar high-quality EB5 projects in the future." - said Jeff DeCicco, COO at Golden Gate Global.

The Form I-956F approval is an important step in the EB5 process. It signifies that the U.S. Citizenship and Immigration Services (USCIS) has reviewed the project's documentation and found that it fully complies with the requirements of the EB-5 program. This includes validation of Brooklyn Basin's designation as a high unemployment targeted employment area, as well as approval of the project's job creation methodology and secured loan structure, along with other critical investor protections.

Brooklyn Basin EB5 Project is in its second phase of development. It is located 15 minutes from downtown San Francisco. It is a new waterfront community in Oakland, California. This EB-5 project consists of two multifamily developments on parcel G ("Project G") and parcel H ("Project H") within the Brooklyn Basin community. For this offering, investors have a 100%+ job creation cushion and a short 3-year EB5 loan term with two 1-year extensions (3+1+1).

For more information about the Brooklyn Basin project, visit our website at www.3gfund.com or email [email protected]

About Golden Gate Global:

GGG, a leader in U.S. investment immigration. The 2011-founded regional center offers EB-5 visa opportunities through institutional-quality real estate projects for both domestic and international EB-5 investors. GGG enjoys a perfect track record:

100% USCIS project approval rate
Raised over $700M from more than 1,350 EB-5 investors
Repaid over $190M in investor funds
No repayment defaults

GGG prioritizes its investors' financial security by offering top-tier investment opportunities, ensuring a reliable and safe route to U.S. Immigration.

To learn more about EB-5, please visit the EB-5 Investor Visa Encyclopedia.

Press Contact: Jane Baklashov [email protected]

SOURCE Golden Gate Global