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Tapco Restaurant Group, owner and operator of Tap 42 Craft Beer Bar & Kitchen in Fort Lauderdale, has closed the last portion of a loan made with funds from foreign investors. The 4.5 million dollar loan comes from immigrant investors applying for EB-5 visas. This investor loan allowed Tap 42 to open restaurants in Coral Gables and Boca Raton.
The loan closed in mid-April. Most of the loan was used to open Tap 42 in Boca Raton, which opened in July 2015. The rest of the loan helped open the third Tap 42 in Coral Cables which recently celebrated its opening.
This investment opportunity is attractive to Latin American investors looking to gain American residence. Seeing the economies of their countries struggling, especially in Venezuela and Brazil, EB-5 visas are one of the fastest ways to move to the United States. Under this visa, a foreigner who invests $500,000 in a project or business that creates jobs for local workers, can become a permanent resident of the USA and eventually American citizen. The opportunity to invest in the USA also offers these investors a way to preserve and grow their capital in a more stable economy.
“American Life Investments LLC is the regional center promoting Tap 42 as an investment opportunity for investors applying for the EB-5 visa,” said Roger A. Bernstein, managing partner of the regional center based in Miami.
“Today, this regional center is sponsoring a second loan with EB-5 funds to help Tap 42 to open four new restaurants in South Florida,” Bernstein said. The goal is to provide Tap 42 with a loan of up to $10 million to bring the gastropub to South Beach, downtown Miami, Aventura and West Palm Beach.
“These investors carefully analyzed the opportunity before investing in Tap 42 and realized that this is a successful company with a strong expansion plan and a group of experienced managers,” Roger Bernstein said. “Most importantly, this expansion will create many job opportunities, which is essential for American citizenship under the EB-5 program.”
Doug Rudolph, CEO of Tap 42 said, “This loan is also very attractive because the interest rate is 6 percent, relatively less expensive than a conventional loan.” Rudolph has over 30 years of experience in this business.
For the full, original article (in Spanish), click here.