Green Card Fund is thrilled to announce that it has filed an I-956F application (Application for Approval of an Investment in a Commercial Enterprise) for the Seahaus Hotel, a part of the Tribute by Marriott collection. The application will allow Green Card Fund to raise EB-5 funds for the project, which is poised to become the only nongaming full-service hotel on the famed Atlantic City Boardwalk.
The Seahaus Hotel, which qualifies as a high unemployment TEA project, is under construction and will open later this summer. At opening, the Seahaus Hottel will feature 105 rooms, retail space, and a fitness center. In the Fall, a tower will be added, creating an additional 36 rooms.
Green Card Fund, which operates multiple EB-5 regional centers, will provide the project with a $9.8 million EB-5 loan. The total project cost is $28.8 million. Green Card Fund’s parent company also supplied the project with a bridge loan.
Atlantic City ranks as one of the top destinations on the Eastern Seaboard, drawing 27 million visitors a year. Its array of entertainment options and Michelin star restaurants make Atlantic City make it a quick get-away hot spot for millions in the Northeast, with its proximity to Philadelphia and New York City.
“This project is the combination of numerous winning factors,” GCF Co-Founder and Principal Girish Patel said. “It starts with an amazing project sponsor in Newcrestimage and phenomenal brand in Marriott. You then pair that with the high-demand location on the boardwalk and offer something unique. It has all of the foundational pillars of a successful project.”
Newcrestimage has extensive experience developing and operating top hotels. The group has owned a total of 297 hotels, the majority of which are top brands such as Marriott, Hilton, IHG and Wyndham. The ability to secure projects from some of the top developers in the hospitality industry is just one advantage that Green Card Fund can provide its clients with.
“Due to our extensive involvement in the hospitality industry, we see hundreds of deals every year,” GCF Co-Founder and CEO Kyle Walker said. “Out of those hundreds of deals we can pick the best one or two that fit for EB-5. We have a rigorous due diligence process, and we must have a project that checks all the boxes to move forward.”