Foreign investors seeking a direct route to the United States of America via the EB-5 immigrant investor program are offered a unique opportunity to invest as little as US$500,000* in a first-rate American Public Charter School project. The investment will take the form of a secured loan made to Summit School Property LLC, a not-for-profit company based in Washington D.C. which has participated in the development of over 200 projects, with over US$200,000,000 invested since 2003. Once built, the project will be managed and operated by Academica (through Somerset Academy, Inc. and SLAM Foundation, Inc.)
In the form of a subsidy per student, the operators will receive a source of steady income from local and state governments to cover for the school operating costs. As they do for all public schools across the state, the government will remain responsible of overseeing the financial and academic performance of the school.
Description and Location of the School
The school will include Grades K-8 and have a maximum capacity of 1,250 students on its 6 acre campus. The new school will be located at 2845 Summit Boulevard in West Palm Beach, Florida. The elementary school opened in August 2016 (Grades K-5) and the middle school (Grade 6-8) will progressively open starting from 2017.
* Plus management and legal fees
Total estimated cost:
13.2 Million US$
Amount invested by the developer:
5.7 Million US$ (43.18%)
Loan from Investors:
7.5 Million US$ (56.82%)
Number of investors:
EB-5 Visa’s Job Creation Requirement:
327 jobs (21 jobs per investor) reached (118% exceeding)
Amount: $500,000 US$
Management Fees: 45,000 US$ (excluding Legal fees & Application fees)