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.
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.
For more information about EB-5 programs investment opportunities or capital lending structure,
CONTACT US TODAY
Tel: (866) 763-6515
