PASADENA, Calif. October 8, 2012–Invest L.A. Regional Center is an EB-5 program that specializes in developing, leasing, and managing commercial properties in the Los Angeles and Orange County. These include hotels, regional shopping centers, and industrial warehouses. The regional center was formulated on December 2010 as a solution when Singpoli Group, real estate developer, realized it would be difficult to obtain financing for a current project on it’s own.
Through 50 foreign investors that are primarily from China, Invest L.A. Regional Center’s first and prime project, Colorado at Lake, is ready to launch. The project is a renovation of the old Constance Hotel located in the South East corner of Colorado Boulevard and Lake Avenue in the city of Pasadena.
The Pasadena project has received all the necessary premises to start. With the design finalized and the demolition inside completed, it is ready to begin the two phases of construction. Phase I will include the renovation and conversion of 142 rooms, retail and rooftop restaurants/bar space, and a 125-space parking garage. Phase II will include 25 additional rooms and more spaces for retail, restaurant, office, banking facilities, and parking.
When asked how foreign investors are involved in this project and how they will be paid back, William Chu, CFO of Singpoli Capital Corporation and President of Invest L.A. Regional Center, replied that all admitted investors are limited partners that are under the equity model. They will be paid back through refinancing of the project or if the project gets sold.
After the renovation, the new Constance Hotel will be renamed to “dusitD2 Pasadena” and will be managed by Dusit International, one of Asia’s leading hotel groups from Bangkok, Thailand.
Chu states that they are not facing any issues at the moment other than getting the project done and on time. It is estimated that the Colorado at Lake project will be finished by June of 2013.