Executive Summary
Research Findings
- No "Thunder Ridge" project denial found in official records
- EB5 Capital has multiple successful I-956F approvals
- HomeFed Corporation shows strong repayment track record
- Both companies have different risk profiles
Key Metrics
Thunder Ridge Project: Fact Check
Alleged "Thunder Ridge 956F Denial" by EB5 Capital
Claim Being Investigated:
"EB5 Capital received a 956F denial for their Thunder Ridge project in Ohio"
Research Evidence:
Research Conclusion:
No publicly available evidence found to support this claim. Extensive research across multiple sources found no documentation of a Thunder Ridge EB-5 project by EB5 Capital or related 956F denial. However, this does not definitively prove the claim is false.
Recommended Verification Steps:
- Contact EB5 Capital directly to inquire about any Thunder Ridge project
- Request documentation from the source of this information
- Consult with an EB-5 attorney who may have access to comprehensive USCIS records
- Verify with industry contacts who may have knowledge of unpublicized denials
Note: Not all USCIS denials are publicly reported, and some project information may not be readily available online.
EB5 Capital Analysis
Company Profile
✅ Strengths
- Recent $100M credit facility with EagleBank (Feb 2025)
- Multiple successful I-956F approvals in 2024-2025
- Diversified project portfolio across multiple states
- Recent I-829 permanent green card approvals
- Active project pipeline with Charlotte NoDa Apartments
⚠️ Considerations
- Charlotte NoDa Apartments (JF45) is in pre-development stage
- No I-956F approval yet for JF45 project
- Relatively newer company compared to established developers
- Limited long-term track record for investor repayments
🔴 Risk Factors
- Pre-development projects carry higher construction risk
- No established repayment history for most projects
- Dependence on credit facilities for project funding
- Market volatility in real estate development
Charlotte NoDa Apartments (JF45) - Current Offering
Location: 4000 Raleigh Street, Charlotte, NC
Type: Class-A multifamily development
Units: 326 units across two 4-story buildings
Status: Pre-development (No I-956F approval yet)
Amenities: 4,000+ SF amenity space, 259-space parking garage
HomeFed Corporation Analysis
Company Profile
✅ Strengths
- Proven repayment track record - Early repayments in 2024
- Conservative capital structure prioritizing EB-5 investors
- Senior loan position with low leverage for investors
- Established real estate developer with long history
- Top 25 Developer recognition and ATP Award winner
- Strong market fundamentals in San Diego housing
⚠️ Considerations
- Limited to San Diego County market exposure
- Higher investment amounts due to California market
- Fewer total projects compared to larger regional centers
- Geographic concentration risk
🟢 Unique Advantages
- Extension prohibition provisions in loan agreements
- Deed of trust provided without contingency on full raise
- Refund policy for I-526 denials due to source of funds issues
- Developer + Regional Center combination
- Transparent early repayment celebrations
Côta Vera Project - Current Offering
Location: Otay Ranch, San Diego County, CA
Type: Master-planned community development
Status: Active development with I-956F approval
Track Record: Escaya (Phase 1) investors receiving early repayments
Market: High-demand San Diego housing market
Interactive Risk Comparison
| Factor | EB5 Capital | HomeFed Corporation |
|---|---|---|
| Company Age | Established regional center | Long-established developer (decades) |
| Business Model | Regional center + project sponsor | Developer + regional center |
| Geographic Focus | Multi-state portfolio | San Diego County focused |
| Project Types | Mixed-use, hospitality, residential | Master-planned communities |
EB5 Capital
HomeFed Corporation
EB5 Capital Track Record
HomeFed Corporation Track Record
Risk Factor Analysis
Overall Risk Assessment
EB5 Capital
Medium-High Risk
Pre-development stage, limited repayment history
HomeFed Corporation
Low-Medium Risk
Proven track record, early repayments
Investment Recommendation
HomeFed Corporation - Côta Vera Project
Why HomeFed Corporation is Recommended:
Already providing early repayments to Escaya investors in 2024
Senior loan position, extension prohibition, refund policies
Strong San Diego housing market with supply shortage
Decades of experience as established real estate developer
⚠️ Cautions About EB5 Capital Charlotte NoDa Project:
- Pre-development Risk: Project has not received I-956F approval yet
- No Repayment History: Limited track record for investor repayments
- Construction Risk: Higher risk during pre-development phase
- Timing Uncertainty: Unclear timeline for project completion
Recommended Next Steps:
- Contact HomeFed Corporation for Côta Vera project materials
- Review offering documents and financial projections
- Consult with EB-5 attorney for legal review
- Verify accredited investor status requirements
- Consider timing for your immigration goals
Important Disclaimers:
This analysis is for informational purposes only and does not constitute investment advice. All EB-5 investments carry risk, including the potential loss of principal. Past performance does not guarantee future results. Consult with qualified legal and financial advisors before making any investment decisions. The EB-5 program and immigration laws are subject to change.