ISLAND OF HAWAII, HI-Hawaiian Islands Regional Center, an authorized regional center of the United States Citizenship and Immigration ServicesEB-5 Immigrant Investor Pilot Program have raised $18.5 million from foreign investors to construct Regency Care Center, Hilo here. The objective of the HIRC is to raise money from foreign investors for projects that will create new jobs for Americans.

According to J David Wallace, SVP of HIRC, the 100-bed skilled-nursing facility has been in-the-works since 2007, when Regency Pacific purchased the property with plans to build the care center. A certificate of need was approved for it, but after the economic recession hit, banks were unwilling to lend for construction, slowing down the progress made. As a result, alternative methods were sought to fund the project, resulting in the partnership of HIRC and the EB-5 program.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.