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Tuesday, August 14, 2012

Empire State EB5 interviews: Chief Financial Officer of Cuba Memorial Hospital regarding EB5 and Stonewood Crossing




For part 1 of our special blog series, Jack Ormond, Chief Financial Officer of Cuba Memorial Hospital in Cuba, New York  recently took some time to discuss with EmpireState EB-5 how the hospital came to find the EB-5 program, explain the benefits of the Cuba Memorial Expansion Project to the region and to address Jack’s experience and interactions with Empire State Regional Center Principals David Eckert and Keith Schubmehl. 

Our goal at Empire State EB-5 is to provide pragmatic and real-time insight to potential EB-5 investors, as well as organizations looking for alternative financing through the government sanctioned EB-5 program. 

The Town of Cuba is situated along the western border of Allegany County in upstate New York, with the Village of Cuba located within its borders.  Approximately an hour and a half drive south of Rochester and Buffalo, Cuba is surrounded by a lush rural landscape and is full of rich history.  Whether it is the infamous Seneca Oil Spring, beautiful Cuba Lake and numerous points of interest along the way, residents and visitors of the area delight in the scenic surroundings of Cuba. One of the mainstays of the town, Cuba Memorial Hospital, formally opened its doors on February 1, 1923.  

With 74,000 people over the age of 65 located within 30 miles of Cuba Memorial Hospital, the need for expansion of Cuba Memorial Hospital with a proposed Assisted Living Facility was met with excitement and anticipation.  With its beautiful rural location and numerous benefits to seniors within the region, its assets could not be ignored. Due to the restrictive nature of the current lending economy, Jack Ormond, Chief Financial Officer of Cuba Memorial Hospital, turned to the Empire State Regional Center EB-5 Program in order to transform the vision of this new community into a reality.

Conceptual vision of the Stonewood Crossing Assisted Living Facility at Cuba Memorial Hospital

We’ve condensed our interview with Jack in order to provide the most insightful and pertinent details, illustrating an active synopsis of the everyday ins-and-outs of the EB-5 process.

Can you tell us a bit about the proposed Assisted Living Facility Project in the Town of Cuba and what benefits it will provide to seniors?

Ormond: Cuba Memorial Hospital obtained approval from the State Health Department for a 57 apartment assisted living project. When completed, the facility will also have 22 patio homes for independent living individuals and couples. We will create a campus adjacent to the hospital so that we may provide a full spectrum of care ranging from independent living to assisted living, to skilled nursing within the hospital (in acute care) along with our urgent care center.

Can you provide some background on how you came to identify the EB-5 program as a viable financing alternative for Cuba Memorial Hospital’s new Assisted Living Facility?

Ormond: We’ve been working with Keith and Dave for 18 months, looking for financing at a reasonable rate for our assisted living project. They identified the EB-5 program, and we proceeded, completing an application and filing in late July with US Citizenship & Immigration Services (USCIS).

What has your interaction with Dave and Keith been like and how have they assisted you with ‘red-tape’ issues?

Ormond:  We are very pleased with our interaction with Dave and Keith as well as their continued work with various consultants that actually put together the economic studies and marketing data that went with our initial submission.

Look for part 2 of our special interview with Jack Ormond next week to discover how the Cuba Memorial Assisted Living Project will impact the community and general region on the economic front including insight and statistics on job creation and growth.


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