WASHINGTON, DC—US Citizenship and ImmigrationServices has begun to issue petition approvals for EB-5investors in MRP Realty and Florida RockProperties' project underway on the Capitol Riverfrontjust south of the Nationals Park baseball stadium. An I-526petition confirms that a project meets the federal government'srequirements under the EB-5 Immigrant Investor Program.

As a refresher the project -- now called Dock 79 – consists of anine-story, 305-unit multifamily complex. The 281,050-square footbuilding will hold about 18,000 square feet of ground floor retailand 286 parking spaces. Groundbreaking was last year andconstruction is on track to deliver in summer of 2016.

Phillips Realty Capital approached MRP Realtyabout using EB-5 financing for part of the project when it wasfirst conceived in 2013. Phillips then partnered with theWashington DC-based EB5 Capital to raise thefinancing, securing about $17 million in preferred equity from 34foreign investors. Phillips secured an additional $65 million inconstruction financing through First Niagara Bank.