ISLAND OF HAWAII, HI-Hawaiian Islands Regional Center, an authorized regional center of the United States Citizenship and Immigration Services’ EB-5 Immigrant Investor Pilot Program have raised $18.5 million from foreign investors to construct Regency Care Center, Hilo here. The objective of the HIRC is to raise money from foreign investors for projects that will create new jobs for Americans.
According to J David Wallace, SVP of HIRC, the 100-bed skilled-nursing facility has been in-the-works since 2007, when Regency Pacific purchased the property with plans to build the care center. A certificate of need was approved for it, but after the economic recession hit, banks were unwilling to lend for construction, slowing down the progress made. As a result, alternative methods were sought to fund the project, resulting in the partnership of HIRC and the EB-5 program.
A ceremonial groundbreaking took place recently for the center, attended by Congressman Jerry Chang, foreign investors and representatives from Regency Pacific and HIRC.
The facility’s construction is intended to create 382 direct and indirect jobs for Americans. Through the formation of the Regency Venture Fund LLP, the money was lent and the project is underway, scheduled to open at the end of 2013.
Wallace says HIRC has more projects ahead in Hawaii, and through its sister regional center, American General Realty Advisors Regional Center in California, it is looking to expand and fund skilled-nursing facilities and hotels, thereby creating more jobs where they are sorely needed.
Wallace could not be reached by GlobeSt.com before deadline to discuss the total construction costs for the project or the details of HIRC’s other projects.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
