BEVERLY HILLS, Calif.—NMS Capital Group, a Beverly Hills based financial services firm, announced that its wholly-owned subsidiary, NMS Capital Securities has been engaged as the financial advisor in connection with an $85 million mixed-use hotel development project located in Los Angeles’ Koreatown.
The L.A. Line Hotel project is located in the Mid-Wilshire district of Los Angeles, Calif. The project is owned, developed, and operated by affiliates of Sydell Group, a New York based owner, developer, and operator of lifestyle oriented hotels, in partnership with Los Angeles billionaire investor Ron Burkle through his Yucaipa Fund. Sydell has entered into an agreement with Wilshire Line Fund, a new commercial enterprise, to provide $16 million in EB-5 financing towards the project. NMS Securities has been engaged by Wilshire as the exclusive financial advisor for the project to provide investment banking services related to the capital raise and the transaction.
Once completed, the renovated 389 room hotel will be the first of its kind influenced by Korean and Korean-America culture, food, and design that will carry the new brand created by Sydell, “The Line.” In addition, it shall also house two restaurants, a nightclub, a lobby bar and lounge, a café, a dramatic pool deck and the modernization of nearly 10,000 square feet of meeting space.
“We are thrilled to be part of what we hope will be the first of many EB-5 financed projects with Sydell and the principals at the Wilshire Line Fund,” said Trevor M. Saliba, NMS Capital Group chairman and senior managing director. “Working as the broker dealer and investment bank on this transaction, one of our primary goals is to ensure that this EB-5 financed transaction is executed in compliance with all SEC and FINRA regulations.”
EB-5 is a government sponsored program that was introduced with the Immigration Act of 1990. The program permits foreign nationals and their immediate family to earn their green card by investing either $500,000, if in a targeted employment area (TEA), or $1,000,000 in a qualifying business enterprise that will create or preserve at least 10 new U.S. jobs per foreign capital investment.
Jesus, one successful project. My only experience is with the frauds at GCFID and principals Prakash Patel and Ryan Conway. EB-5 is a hoax because of regional centers and bad actors like these.