Costa Mesa-based real estate developer and private equity firm PDC Capital Group LLC has acquired ZGlobal Southern California EB-5 Investment Regional Center.
Terms of the deal weren’t disclosed.
PDC specializes in real estate development projects that are funded through EB-5 visa investments.
The EB-5 visa, also known as the Immigrant Investor Program, is a federal initiative that’s administered by U.S. Citizenship and Immigration Services. It allows foreigners to apply for permanent residency in the U.S. in exchange for investing $1 million in a U.S. business that could generate a minimum of 10 full-time jobs within two years of the investor’s admission to the U.S.
The program was created by Congress in 1990 to “stimulate the U.S. economy through job creation and capital investment by foreign investors,” according to USCIS.
ZGlobal is one of about 650 regional centers approved by USCIS, which defines a regional center as “any economic unit, public or private, engaged in the promotion of economic growth, improved regional productivity, job creation and increased domestic capital investment.”
PDC was founded by William Phillips in 1984 as a land developer. It’s now headed by Chief Executive Emilio Francisco and operates various arms, including real estate, investment banking and other services.
PDC and its affiliates are currently working on 25 senior assisted living and memory care residences in six states, which are funded by capital from China and the Middle East, according to PDC’s website.
PDC has offices and partners abroad, including in Brazil, China, Canada and Dubai.
