LOS ANGELES—USC Health Services Campus is getting a $75 million extended-stay hotel on the USC Medical Center Campus in Boyle Heights. An unnamed developer is planning the project for the school, and California Real Estate Regional Center, an EB-5 regional center that provides debt and equity capital to developers, and NMS Capital Advisors have teamed together to serve as the exclusive financial advisor for a the development.
The four-story extended-stay hotel will have 200 rooms, 13,000 square feet of retail space and a conference facility that will serve the medical center. The developer and the hotel brand have yet to be announced; however, those close to the project relayed that plans are still being finalized, and those details will be released soon.
An affiliate related to CaRE has agreed to provide $24 million in EB-5 financing for the project, while NMS Capital Advisors has agreed to provide financial advisory and investment banking services related to the EB-5 capital raise and transaction, according to both firms.
EB-5 financing, which allows foreign nationals and their immediate families to earn a green card for $500,000 investments made in an employment area or $1 million investments made in a business enterprise, has been utilized by several major Los Angeles-area projects. NMS Capital Advisors was recently named exclusive financial advisor of the $85 million Line Hotel project in Koreatown. NMS Capital Group provided investment-banking services for the transaction, including capital raising efforts.