TMCnet News
U.S. Immigration Investment Center Renovates Historic Oakland HotelSAN JOSE, Calif. --(Business Wire)-- U.S. Immigration Investment Center (USIIC) has received permission from the city of Oakland, Calif. to begin a $5 million renovation of the dilapidated 5-story Merritt Hotel in the city's historic Uptown district. With 156 rooms, USIIC will convert the historic hotel, built in 1926, into modern housing for international students. In recent years, the vacant building has been targeted by vandals creating a nuisance and posing a danger to surrounding neighborhoods.
The EB-5 program, created by the Immigration Act of 1990, was designed to enable successful, and thus highly desirable, foreign nationals to obtain their green card by investing in the United States. The renovation of the Merritt Hotel is scheduled for completion in August 2014. USIIC purchased the property at 2332 Harrison Street in May 2013. About USIIC Based in San Jose, Calif., U.S. Immigration Investment Center is a full service business, private lending, commercial real estate brokerage, and investment, design, development company. The company president and CEO is Mahnaz Khazen. The chief banking officer in charge of all lending platforms, approvals and investment in community banks is Stacey Conti. The chief development officer for the design development of all commercial real estate is Michael Shadman. The micro loan and not-for-profit philanthropy fund is headed by senior operations officer Violet Parvarandeh. The chief marketing officer is John Swensson.
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