Global Water Center Featured in EB-5 Investor's Magazine
Tuesday, March 21, 2023 - In their most recent article, featured here, EB-5 Investors' Magazine detailed how the EB-5 program has helped fund a number of rehabilitated historic buildings nationwide, such as the Global Water Center. Financing historic real estate development projects through EB-5 funding has become increasingly efficient and typically involves using various sources of equity such as state tax credits, new markets tax credits, and federal historic tax credits.
“Investing EB-5 funding in a historic redevelopment benefits both EB-5 investors and the project,” says Dan Wycklendt, president of FirstPathway Partners. “The obvious upfront benefit is the reduction in overall cost of the project, added equity, and security derived from the use of the historic tax credits, but the hidden value is, if done correctly, reuse often creates a better “end product” that far exceeds new construction. These buildings often contain historically significant architectural details, quality historic hand-crafted materials, and often a volume of space that would be cost-prohibitive to build today. This produces a high-end building that can command higher rents, higher occupancy, and lower turnover compared to new construction, while still achieving the sustainability and LEED certification that comes from rehabilitation.”
One of these buildings that benefited from EB-5 funding was the Global Water Center, a former EB-5 investment opportunity from FPP. Located in downtown Milwaukee, and originally built in 1904, this globally awarded cutting-edge incubator is 99% leased and occupied by universities and water technology companies. Distinctive amenities include a world-class flow lab, type II laboratory standard and pre-treatment for type I standard water, a 45-person lecture hall auditorium, an international video conferencing room, laboratories, and testing areas. Highly advanced technology has been integrated into the labs, such as 3D laser imaging. As previously mentioned, financing through tax-exempt bonds, new market tax credits, historic tax credits, and other investments were used to help breathe new life into this historic vacant manufacturing building.
FPP President, Dan Wycklendt, was also quoted in toting the success of this particular project as saying, “Not only did it become a catalyst for redevelopment throughout the National Historic district, but it was also a success for EB-5 investors. The investors gained permanent residence and saw their full investment returned with Preferred Returns.” High-quality, financially feasible projects, like the Global Water Center, continue to be a testament to the success of the EB-5 visa program and to FPP's track record of providing investors with quality investment vehicles.
If you would like to learn more about the EB-5 Visa Program or FPP's most recent EB-5 investment opportunities, please visit our project page or contact firstname.lastname@example.org for more information.