SEARCH FOR THE TRUTH
This Lexden-Hawaii Regional Center’s EB-5 Visa related webpage states —
“Coco Palms Hui, LLC is comprised of Greene Waters Group, Bodell Construction and Shioi Construction.”
“The Greene Waters Group is headed by Tyler Greene and Chad Waters. Tyler Greene began his career with Colliers International and owned a Nevada-based real estate brokerage and development firm servicing Nevada, Arizona, California and Utah. He advised Fortune 500 companies and developers on acquisitions, assemblages, dispositions, leasing and investments involving more than 5,000 acres of land and 1.5 million sq. ft. of retail and industrial properties. Chad Waters was the CEO of Oahu-based real estate company Moku’aina Properties and brings 21 years of multi-faceted experience to the Project.”
http://www.cocopalmseb5.com/developer/
And this EB-5 Visa related webpage from the Lexden-Hawaii Regional Center states —
“Lexden Coco Palms Loan Company LLC (the “EB-5 Fund”) is accepting subscriptions from EB-5 investors. The EB-5 Fund will be making a loan to Coco Palms Hui, LLC (the “Borrower”) to redevelop the iconic Coco Palms Resort (the “Project”).”
“The Regional Center is responsible for providing accounting for all investments to investors and providing documentation as needed by the USCIS to help facilitate the approval of investors I-526 petition and the removal of all conditions so that investors may expedite their conditional and permanent US residency status. While the EB-5 Fund is not responsible for investors I-526 petitions, it will provide a list of experienced immigration counsel in the USA that can offer this service to investors and will work with each investor’s immigration counsel to help facilitate investor’s permanent resident status.”
http://www.cocopalmseb5.com/regional-center/
Another Lexden-Hawaii Regional Center EB-5 related webpage states —
“Our first project in Hawaii involves the $130 million acquisition, renovation and restoration of the world famous Coco Palms Resort in Kauai which, upon completion, will be operated and managed by Hyatt Hotels Corporation as Coco Palms by Hyatt. The Borrower will purchase the property in early 2015 and fully renovate it to Hyatt standards. When complete the Project will have 350 rooms, 4 restaurants, 2 ballrooms, 2 meeting rooms, 3 pools, a fitness center, Camp Hyatt and a historical museum.”
“Why Choose Coco Palms?”
“The Project will be funded by a bank first mortgage construction loan of $50 million, EB-5 investor second mortgage construction loan of $50 million and developer equity of $30 million. The EB-5 second mortgage will be in priority position ahead of $30 million in developer cash equity.”
“The Developer will provide a guarantee of construction completion via a completion bond provided by an insurance company rated BBB or better. All loan draws will be administered by a large institutional bank on behalf of Lexden Coco Palms Loan Company, LLC.”
“The Developer has a strong resume aligned with this project type and size.”
“The project will be built to specifications provided by the world renowned Hyatt brand of hotels. The Project will benefit from the extensive Hyatt Hotels worldwide booking system.”
“The total project cost is estimated at $130 million versus the ‘as completed’ appraised value in 2018 of $147 million and an estimated ‘as stabilized’ value in 2021 of $175 million.”
“The Project site is located within a Targeted Employment Area according to the State of Hawaii and the United States Customs and Immigration Services allowing the minimum EB-5 investment of $500,000 per family applicant.”
“The Project is estimated to take 30 months from purchase to completion, creating over 1,700 permanent jobs, and meeting the requirements of the EB-5 Investment Program outlined by the USCIS.”
http://www.cocopalmseb5.com/about-coco-palms/
This December 10, 2017 article from The Garden Island newspaper reported —
“Coco Palms Hui exists under the business umbrella of the Greene Waters Group, a Honolulu real estate developer.”
“Like most companies in its business, Greene Waters Group has an inconsistent record of delivering on its development promises. Its website, for example, identifies an Oahu Hotel called the Endless Summer Resort as opening this year. The property, according to the website, is to include a gigantic, artificial surf-generating pool.”
“But as this is written, the Endless Summer Resort still lacks a site, much less evidence of construction and no word on an opening date. Coco Palms Hui said its plans for the surfing hotel are on hold indefinitely, until it finished construction on and reopens Coco Palms.”
“The firm said its financing and construction plans are on target. Kauai County officials said Coco Palms currently has 24 pending building permit applications on file.”
“They have successfully completed the demolition process and disposal of hazardous materials, and they are now in the process of obtaining building permits. These permits do require the developer to hit certain benchmarks to ensure that the project moves forward in a timely manner.”
“Although Coco Palms’ building permits are still under review, the county’s Engineering Division has concluded that the entire Coco Palms site is within the floodplain that could be inundated during a hurricane or tsunami. Although Coco Palms is permitted to rebuild on its original footprint, the resort must still comply with flood abatement standards in the current County Code.”
“Those standards are more stringent than they were in 1992. The code would require that any spaces at ground level — which were in use as hotel rooms in the original resort, could not house guest accommodations or would have to be completely flood-proofed.”
“It remains unclear whether Coco Palms Hui has full financing in place to proceed with construction.”
“The final mix of investors will be a combination of individual and corporate entities,” Greene said. “The current project cost is $140 million.”
“Asked to identify the investors, Greene said, “As a matter of standard practice, we don’t release investor information.”
“Information available in public records, however, suggests that Coco Palms Hui has struggled so far to attract investor support. In 2014, for example, Coco Palms Hui filed with the U.S. Securities and Exchange Commission to offer eligibility for U.S. visas in exchange for investment commitments of at least $500,000 by non-U.S. citizens. The program was intended to produce $28 million in investor commitments, according to the SEC filing, although only $1 million had actually been raised.”
“The filing also noted that BPG Hawaii LLC, another entity owned by Greene and Chad Waters, the other principal in Coco Palms Hui, intended to collect $800,000 in sales commissions and finders fees from the $28 million offering. How much the visa-for-cash offer produced is not known.”
“To raise the capital necessary to proceed with demolition, Coco Palms Hui obtained a loan from Utah-based Private Capital Group, LLC., which specializes in investments in distressed properties. The company’s website says it is interested in “foreclosed or distressed commercial and residential developments that may require improvements, construction or rehabilitation.”
“Coco Palms Hui declined to disclose the terms of its financing from PCG, but federal court records indicate that the firm has been involved — in some capacity — in 24 cases in U.S. Bankruptcy Court and eight other federal court cases.”
“This raises into question PCG’s due diligence in assessing the financial positions of those to whom it makes loans.”
http://www.thegardenisland.com/…/…/coco-palms-doubts-rising/
This Coco Palms Loan Company, LLC application states —
“The proposal identifies the new commercial enterprise (“NCE”) of the project as Lexden Coco Palms Loan Company, LLC, which was formed in the State of Delaware on January 31, 2014. The project is located at 4-947 Kuhio Highway, Kapaa, on the island of Kauai in the State of Hawaii. 172 immigrant investors will subscribe to the NCE as limited partners in exchange for capital contributions of $500,000 each and an aggregate of $86 million. The NCE will loan the $86 million of EB-5 capital to a third-party entity, Coco Palms Resort. The EB-5 capital loan proceeds will be used to acquire and re-launch The Coco Palm Resort as the Coco Palms by Hyatt in Kauai.”
http://www.cocopalmseb5.com/…/2014/12/Approval_Lexden_Hawai…
This Lexden-Hawaii Regional Center’s EB-5 Visa related webpage states —
“Coco Palms Hui, LLC is comprised of Greene Waters Group, Bodell Construction and Shioi Construction.”
“The Greene Waters Group is headed by Tyler Greene and Chad Waters. Tyler Greene began his career with Colliers International and owned a Nevada-based real estate brokerage and development firm servicing Nevada, Arizona, California and Utah. He advised Fortune 500 companies and developers on acquisitions, assemblages, dispositions, leasing and investments involving more than 5,000 acres of land and 1.5 million sq. ft. of retail and industrial properties. Chad Waters was the CEO of Oahu-based real estate company Moku’aina Properties and brings 21 years of multi-faceted experience to the Project.”
http://www.cocopalmseb5.com/developer/
And this EB-5 Visa related webpage from the Lexden-Hawaii Regional Center states —
“Lexden Coco Palms Loan Company LLC (the “EB-5 Fund”) is accepting subscriptions from EB-5 investors. The EB-5 Fund will be making a loan to Coco Palms Hui, LLC (the “Borrower”) to redevelop the iconic Coco Palms Resort (the “Project”).”
“The Regional Center is responsible for providing accounting for all investments to investors and providing documentation as needed by the USCIS to help facilitate the approval of investors I-526 petition and the removal of all conditions so that investors may expedite their conditional and permanent US residency status. While the EB-5 Fund is not responsible for investors I-526 petitions, it will provide a list of experienced immigration counsel in the USA that can offer this service to investors and will work with each investor’s immigration counsel to help facilitate investor’s permanent resident status.”
http://www.cocopalmseb5.com/regional-center/
Another Lexden-Hawaii Regional Center EB-5 related webpage states —
“Our first project in Hawaii involves the $130 million acquisition, renovation and restoration of the world famous Coco Palms Resort in Kauai which, upon completion, will be operated and managed by Hyatt Hotels Corporation as Coco Palms by Hyatt. The Borrower will purchase the property in early 2015 and fully renovate it to Hyatt standards. When complete the Project will have 350 rooms, 4 restaurants, 2 ballrooms, 2 meeting rooms, 3 pools, a fitness center, Camp Hyatt and a historical museum.”
“Why Choose Coco Palms?”
“The Project will be funded by a bank first mortgage construction loan of $50 million, EB-5 investor second mortgage construction loan of $50 million and developer equity of $30 million. The EB-5 second mortgage will be in priority position ahead of $30 million in developer cash equity.”
“The Developer will provide a guarantee of construction completion via a completion bond provided by an insurance company rated BBB or better. All loan draws will be administered by a large institutional bank on behalf of Lexden Coco Palms Loan Company, LLC.”
“The Developer has a strong resume aligned with this project type and size.”
“The project will be built to specifications provided by the world renowned Hyatt brand of hotels. The Project will benefit from the extensive Hyatt Hotels worldwide booking system.”
“The total project cost is estimated at $130 million versus the ‘as completed’ appraised value in 2018 of $147 million and an estimated ‘as stabilized’ value in 2021 of $175 million.”
“The Project site is located within a Targeted Employment Area according to the State of Hawaii and the United States Customs and Immigration Services allowing the minimum EB-5 investment of $500,000 per family applicant.”
“The Project is estimated to take 30 months from purchase to completion, creating over 1,700 permanent jobs, and meeting the requirements of the EB-5 Investment Program outlined by the USCIS.”
http://www.cocopalmseb5.com/about-coco-palms/
This December 10, 2017 article from The Garden Island newspaper reported —
“Coco Palms Hui exists under the business umbrella of the Greene Waters Group, a Honolulu real estate developer.”
“Like most companies in its business, Greene Waters Group has an inconsistent record of delivering on its development promises. Its website, for example, identifies an Oahu Hotel called the Endless Summer Resort as opening this year. The property, according to the website, is to include a gigantic, artificial surf-generating pool.”
“But as this is written, the Endless Summer Resort still lacks a site, much less evidence of construction and no word on an opening date. Coco Palms Hui said its plans for the surfing hotel are on hold indefinitely, until it finished construction on and reopens Coco Palms.”
“The firm said its financing and construction plans are on target. Kauai County officials said Coco Palms currently has 24 pending building permit applications on file.”
“They have successfully completed the demolition process and disposal of hazardous materials, and they are now in the process of obtaining building permits. These permits do require the developer to hit certain benchmarks to ensure that the project moves forward in a timely manner.”
“Although Coco Palms’ building permits are still under review, the county’s Engineering Division has concluded that the entire Coco Palms site is within the floodplain that could be inundated during a hurricane or tsunami. Although Coco Palms is permitted to rebuild on its original footprint, the resort must still comply with flood abatement standards in the current County Code.”
“Those standards are more stringent than they were in 1992. The code would require that any spaces at ground level — which were in use as hotel rooms in the original resort, could not house guest accommodations or would have to be completely flood-proofed.”
“It remains unclear whether Coco Palms Hui has full financing in place to proceed with construction.”
“The final mix of investors will be a combination of individual and corporate entities,” Greene said. “The current project cost is $140 million.”
“Asked to identify the investors, Greene said, “As a matter of standard practice, we don’t release investor information.”
“Information available in public records, however, suggests that Coco Palms Hui has struggled so far to attract investor support. In 2014, for example, Coco Palms Hui filed with the U.S. Securities and Exchange Commission to offer eligibility for U.S. visas in exchange for investment commitments of at least $500,000 by non-U.S. citizens. The program was intended to produce $28 million in investor commitments, according to the SEC filing, although only $1 million had actually been raised.”
“The filing also noted that BPG Hawaii LLC, another entity owned by Greene and Chad Waters, the other principal in Coco Palms Hui, intended to collect $800,000 in sales commissions and finders fees from the $28 million offering. How much the visa-for-cash offer produced is not known.”
“To raise the capital necessary to proceed with demolition, Coco Palms Hui obtained a loan from Utah-based Private Capital Group, LLC., which specializes in investments in distressed properties. The company’s website says it is interested in “foreclosed or distressed commercial and residential developments that may require improvements, construction or rehabilitation.”
“Coco Palms Hui declined to disclose the terms of its financing from PCG, but federal court records indicate that the firm has been involved — in some capacity — in 24 cases in U.S. Bankruptcy Court and eight other federal court cases.”
“This raises into question PCG’s due diligence in assessing the financial positions of those to whom it makes loans.”
http://www.thegardenisland.com/…/…/coco-palms-doubts-rising/
This Coco Palms Loan Company, LLC application states —
“The proposal identifies the new commercial enterprise (“NCE”) of the project as Lexden Coco Palms Loan Company, LLC, which was formed in the State of Delaware on January 31, 2014. The project is located at 4-947 Kuhio Highway, Kapaa, on the island of Kauai in the State of Hawaii. 172 immigrant investors will subscribe to the NCE as limited partners in exchange for capital contributions of $500,000 each and an aggregate of $86 million. The NCE will loan the $86 million of EB-5 capital to a third-party entity, Coco Palms Resort. The EB-5 capital loan proceeds will be used to acquire and re-launch The Coco Palm Resort as the Coco Palms by Hyatt in Kauai.”
http://www.cocopalmseb5.com/…/2014/12/Approval_Lexden_Hawai…
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