(Source: Cleveland International Fund) The Cleveland International Fund (CiF) is pleased to announce that its loan to the University Hospitals is now fully funded.
CiF raised, pooled and lent $60 million to University Hospitals for the construction of two hospitals as part of the renowned health care system's recent expansion. CiF made its last loan disbursement this month, following the issuance of the final investor approval by the United States Citizenship and Immigration Services (USCIS). The funds were raised from 120 foreign investors.
CiF is federally sanctioned, private equity fund that raises money from foreign investors via the EB-5 Program. Investors receive expedited consideration for U.S. residency in return for investing in local economic development projects. Those projects must result in the creation of a prescribed number of American jobs. For every $1 million of foreign investment, a minimum of 20 jobs fro Americans must be created.
CiF received its official designation to operate as an EB-5 fund (called a Regional Center) in January 2010.
Since its inception, CiF has raised approximately $150 million in funding for top Cleveland-area EB-5 projects. In addition to University Hospitals, CiF funds have been allocated to Northeast Ohio projects such as Flats East Bank and the Westin Hotel in downtown Cleveland.
CiF raised, pooled and lent $60 million to University Hospitals for the construction of two hospitals as part of the renowned health care system's recent expansion. CiF made its last loan disbursement this month, following the issuance of the final investor approval by the United States Citizenship and Immigration Services (USCIS). The funds were raised from 120 foreign investors.
CiF is federally sanctioned, private equity fund that raises money from foreign investors via the EB-5 Program. Investors receive expedited consideration for U.S. residency in return for investing in local economic development projects. Those projects must result in the creation of a prescribed number of American jobs. For every $1 million of foreign investment, a minimum of 20 jobs fro Americans must be created.
CiF received its official designation to operate as an EB-5 fund (called a Regional Center) in January 2010.
Since its inception, CiF has raised approximately $150 million in funding for top Cleveland-area EB-5 projects. In addition to University Hospitals, CiF funds have been allocated to Northeast Ohio projects such as Flats East Bank and the Westin Hotel in downtown Cleveland.
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