$40M Capital Facilitated Investors from 12 Countries to Obtain Visas Through EB-5
The South Florida restaurant chain VooDoo BBQ & Grill has acquired $40M from investors of 12 countries through the EB-5 Visa program. This funding has allowed the owners of the chain to expand quickly opening locations in Miami, Pembroke Pines, Hollywood, Fort Lauderdale, Boca Raton and Pensacola. “We’re not where we were in 04’ or 05’ when anybody could get a loan, but the appetite from financial institutions is increasing,” Israel Alonso, a Miami partner from Akerman, whose annual real estate survey measures economic conditions and investor confidence, told the Daily Business Review. To score the finances, Jafrejo Holdings LLC, the chain’s Florida Franchise, sent partners abroad, spending about $150,000 on travel. “The big misconception is people think it is easy to get, it’s cheap money, but it is not easy to get. It’s challenging, and you have to make sure you connect to people who qualify and can show the U.S. government that the money they are investing came from legal sources,” Jafrejo partner Joe Sloboda said. “The biggest part is making sure you are working with people who fully understand the EB-5 rules and can package your deals in a way that will be approved by the U.S. government and still be accessible to investors. There is a delicate balance.” * Daily Business Review.
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