Developing a philosophy
The American Dream Fund is not represented by the SLS project alone, but the SLS deal is quite representative of their general way of operating within the EB-5 realm. ADF defines its practices as“ social entrepreneurship”— business that maintains private interests while still contributing to the public good, a concept that mixes well with the similarly win-win situation of the EB-5 program. They dedicate themselves to EB-5, and unlike other regional centers that only work on a few EB-5 projects mixed in with other development endeavors, Ekins and McCarthy deal only in EB-5 investments. Because EB-5 is their primary business, Ekins and McCarthy have focused their energy on the program and all its moving parts; they even make sure to educate all of their staff so that everyone in the office knows the basics of EB-5 and can answer questions on the subject. This level of concentration is likely partially responsible for their quick rise to success.
Ekins and McCarthy look at every project that comes across their desk with a critical eye and say that they“ turn down probably 99 out of 100 projects” because they are not right for the program. In order to select EB-5 appropriate projects, they maintain a philosophy of low risk-tolerance. This patience not only helps them select financially promising development, but also help fulfill the goals of their foreign investors, for whom the EB-5 program has such high stakes.
Human connection ADF acknowledges that a lot of interest in practicing immigration law originates from the desire to help people, and working in
EB-5 is no exception. Most of ADF’ s clients are primarily interested in providing a better future and a U. S. education for their children while protecting their investment, and Ekins and McCarthy see the EB-5 program as the perfect path. It is the understanding that investors are people with families and stories, and not just as“ an anonymous capital source,” that drives Ekins and McCarthy to strive to operate responsibly within the program.
Another aspect of human connection, and project success, is ADF’ s practice of having staff devote time, one-on-one, with their investors in China, if possible. They provide their potential investors with the documentation they need to trust in the project, and are willing to meet and re-meet these foreign nationals to answer questions and address concerns. Ekins and McCarthy want to give them a“ transparent picture of what they’ re getting,” and employed this strategy when marketing the SLS project abroad.
ADF’ s future
Ekins and McCarthy say that the American Dream Fund now has“ trusted brand recognition.” If the SLS hotel project succeeds, and more of its related I-526 petitions and subsequent I-829 petitions are approved, this recognition will only grow. Ekins and McCarthy say that when it comes to EB-5,“ success of a project is more than critical— it has to happen.” Not only is a huge amount of capital on the line, but also the green cards, and futures, of hundreds of EB-5 immigrants. For anyone involved in EB-5, keeping an eye on the SLS project is a must.
★ www. EB5Investors. com 33