ISLAND OF HAWAII, HI-Hawaiian Islands RegionalCenter, an authorized regional center of theUnited States Citizenship and ImmigrationServices’ EB-5 Immigrant Investor PilotProgram have raised $18.5 million from foreign investorsto construct Regency Care Center, Hilo here. Theobjective of the HIRC is to raise money fromforeign investors for projects that will create new jobs forAmericans.

According to J David Wallace, SVP of HIRC, the100-bed skilled-nursing facility has been in-the-works since 2007,when Regency Pacific purchased the property withplans to build the care center. A certificate of need was approvedfor it, but after the economic recession hit, banks were unwillingto lend for construction, slowing down the progress made. As aresult, alternative methods were sought to fund the project,resulting in the partnership of HIRC and the EB-5 program.

A ceremonial groundbreaking took place recently for the center,attended by Congressman Jerry Chang, foreigninvestors and representatives from Regency Pacific and HIRC.