WASHINGTON, DC—Yesterday we reported that the US Citizenship and Immigration Services began issuing I-829 petition approvals for Marriott Marquis Convention Center Hotel's EB-5 investors, basically the final lap of the financing.

Pre-development on the second phase of the project, called Columbia Place, is now underway. The developers for the Marquis, affiliates of Quadrangle Development Corp. and Capstone Development, tapped the same company -- locally-based EB5 Capital -- to arrange $40.5 million in financing for this phase as well.

Given the uncertainty around whether and in what form Congress will renew the program, we wondered whether EB-5 investors have the appetite for round 2. We have learned they do -- or rather, they did, as the fundraising is largely complete.

A spokesperson for the company tells GlobeSt.com that EB5 Capital is on track to close its $40.5 million capital raise next month, after starting in mid-September. The company reports that the legislative uncertainty has led to a slowdown in the overall market, but that fundraising for Columbia Place has remained on schedule and it anticipates no delays.

To be sure, Columbia Place is an attractive investment destination -- never mind the US Visa component.

All together the Marriott Marquis Convention Center, located next to the Walter E. Washington Convention Center, will feature three hotels, each serving distinct constituencies. The Marquis opened on May 1, 2014 as a four-star, luxury hotel and is connected to the Convention Center via an underground tunnel.

Columbia Place itself consists of two new Marriott hotels -- a 357-room Courtyard and a 147-room Residence Inn for a total of 1,600 rooms across the three hotels.