LOS ANGELES-New consulting firm Aspyre Capital Group LLC has been formed, dedicated exclusively to providing EB-5 financing to the real estate and hospitality industries. Co-founding partner Kevin Callaghan says the creation of Aspyre allows the firm to “officially integrate all our professional practices under one umbrella. The Aspyre brand offers a broad array of EB-5 related services to our clients.”
Callaghan is a real estate veteran and experienced EB-5 professional with previous experience at Lehman Bros., Barclays Capital and JPMorgan Chase. Co-founding partner Gary Melman, another seasoned EB-5 and real estate professional with experience at JPMorgan, TIAA-CREF and PCCP, adds, “Our name may be new, but our experience is deep, reflecting many years in EB-5 consulting, real estate finance and investing, cross-border consulting and capital raising.”
According to Aspyre, the EB-5 industry is facing rapid change. New regulatory scrutiny at USCIS and the SEC has increased the need to perform securities-related functions in a manner that best protects the interests of both issuers and investors. Through Aspyre's strategic relationship with Equinox Securities Inc., a FINRA-registered broker-dealer and investment-advisory firm, certain professionals of Aspyre serve as registered representatives of Equinox and are able to provide securities-related services to Aspyre clients, including capital-raising and investment advice.
In addition, the firm adds, many regional centers, real estate developers and EB-5 issuers are finding it more difficult to raise capital compared to just one year ago due to significantly increased competition as well as increased sophistication of immigration agents and investors. In this new marketplace for overseas capital, investors are looking at a multitude of offerings in search of the highest-quality deals offering both a high likelihood of green-card approval as well as a return of principal. However, the marketplace has not yet fully developed the professional practices needed to meet these new demand parameters adequately. The new firm aims to offer sound solutions for its clients and fill this void, providing depth of experience and knowledge in a variety of fields critical to achieving success, such as EB-5 immigration, project finance, real estate development and investment, and securities underwriting.
In particular, Aspyre has significant experience in the hospitality industry, with many years of hotel finance, development and investment experience working with major hotel owners and operators. In recent years, hotel projects have become a significant recipient of EB-5 investment funds due to the job-creation characteristics of such projects. As a result, EB-5 financing has been an important tool for hotel developers seeking reasonably priced capital in markets that remain capital constrained. High-quality hotel projects are generally well received by overseas EB-5 investors.
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