For Immediate Release Contact: Nancy Lesic, 216.696.7686
Cleveland International Fund pays $104.5 million back to investors
Trust essential to getting investors interested in CiF’s work, says CEO
July 23, 2018 – The Cleveland International Fund (CiF) has successfully paid back $104.5 million to 209 individual investors in CiF’s first two projects: University Hospitals’ system-wide expansion and the first phase of the Flats East Bank development which included the E&Y Tower and an Aloft Hotel.
CiF is a private equity fund, designated as an EB-5 Regional Center by the Federal Government in 2010. The EB-5 program connects foreign investors seeking U.S. residency to qualified job creating projects in the United States.
“Reaching this $100 million mark over the last eight years demonstrates our commitment to the individuals and families who invested with us,” said Stephen Strnisha, CEO of CiF.
“Earning our foreign investors’ commitment and trust has been essential to their decision to invest with CiF so that we, in turn, can provide critical financing to real estate projects in our region,” he added. “Vital to all of this is working with proven developers who have a track record of success in commercial real estate development. And that was clearly the case with University Hospitals and the Flats East Bank projects.”
To date, CiF has invested over $240 million in an array of projects, primarily focusing on commercial development, mixed-use construction and the healthcare sector.
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