SEATTLE STAZIONE25 APARTMENTS EB-5 UPDATE
Q1 2021
The Seattle Stazione25 Apartments EB-5 Project has been fully complete since November 2020 when the South Building received its Certificate of Occupancy from the City of Seattle. As the North Building occupancy rate approached 95%, the newly completed South Building is already about 50% leased up in just a few months’ time. The rapid lease-up of the South Building is impressive considering the fact that it came online during the traditionally slow part of the lease-up season during the winter months, and also because it was during that time that the 2nd wave of the pandemic severely impacted apartment lease-ups across the market. Such strong demand during such trying times is very encouraging for the long term occupancy of the project.
As construction is complete, over 600 jobs have been created for the 27 EB-5 investors in the project, well above the 270 jobs required for I-829 approval. Furthermore, as construction is complete and all financing is in place, the project has been significantly de-risked from an operations and financial perspective.
Another piece of strongly positive news was an updated appraisal from Jones Lang LeSalle (JLL) issued in March 2021 which valued the Stazione25 project at $138.4 million. The previous JLL appraisal valued the project at $116 million, which was already more than enough to repay all EB-5 investors in the project. With the new valuation of $138.4 million, the project will have a large surplus from which to repay EB-5 investors after a refinance of the project.
***For a copy of the JLL appraisal, please contact your Paraprin representative.
Interested in touring Stazione25? Paraprin is arranging tours with existing and prospective investors and overseas partners. If you are interested in touring the project, please let us know and we can make arrangements. As the project site is right next to the Mount Baker Light Rail Station, it is very easily accessible by train for anyone flying into the Seattle-Tacoma International Airport.
How can my family obtain a US green card through EB-5 visa program?
READ MORE about how Paraprin Capital can assist you and your family to obtain a US green cards through the EB-5 visa program. Paraprin has helped hundreds of families obtain EB-5 visa and US green cards. We are continuously putting together new EB-5 visa investment projects for our clients. CLICK HERE to learn more about our latest offering.
READ MORE about how EB-5 priority dates affect the EB-5 process. Follow us on social media to stay up to date on the latest monthly advancements of EB-5 priority dates, especially EB-5 priority dates for India and EB-5 priority dates for Vietnam.
The EB-5 green card still offers the fastest and most efficient path to US permanent residency. The EB-5 cost has increased significantly to $900,000 since new EB-5 legislation was passed in 2019, but further clarification from the United States Court of Appeals allowing unsecured loans for EB-5 visa investment has made the EB-5 amount attainable for many.
