Projects offered after the EB-5 Reform and Integrity Act (RIA) took effect in March 2022 are beginning to reach the repayment stage. New York regional center ARCFE (founded by iCross Capital) recently published two project announcements that offer early public examples of a full post-RIA cycle.
What the announcements say
Group 12 (announced August 6, 2026): ARCFE describes Group 12 as its first EB-5 offering after the RIA. It financed a 14-story boutique mixed-use building in Long Island City, Queens, with 73 rental residences and over 15,000 square feet of commercial space. The building received its Temporary Certificate of Occupancy in September 2025, now operates as iCross LIC, and is fully leased. Two investors who met the repayment conditions in the project documents each received their $800,000 principal within two weeks of satisfying those conditions — $1.6 million in total.
Group 13 (announced September 10, 2026): On September 8, the first eligible investor in Group 13B — Studio38, a 50-residence property in Dutch Kills, Long Island City — received full repayment of $800,000. ARCFE calls Group 13 its second post-RIA project to enter the repayment stage.
ARCFE further states that, as of September 2026, every investor whose investment had matured and who met the repayment conditions had been repaid in full, with cumulative repayments of $118.8 million and no recorded loss of principal. These figures are ARCFE’s own disclosures and have not been independently verified by this site.
Our take: what a post-RIA repayment cycle tells investors
The significance of these announcements for the industry is that they show the RIA-era chain — offering, capital administration, project monitoring, and return of principal — can be completed in roughly four years. Investors should compare their own projects on several points:
- Repayment terms live in the project documents. When and under what conditions principal is returned is governed by the subscription and operating agreements, not by a regional center’s verbal assurances. See How to Read the PPM, Subscription Agreement, and Operating Agreement.
- Repayment must be reconciled with the immigration timeline. Post-RIA investors must keep capital at risk for at least two years from the date of investment (USCIS policy, October 2023); repayment timing must be coordinated with I-526E / I-829 progress and the sustainment rule. See The Two-Year Sustainment Period and Exit and Repayment.
- Completion and lease-up are the source of repayment. Obtaining a TCO, reaching stabilized occupancy, or closing a refinancing is typically the precondition for a loan-model project to repay.
- A regional center’s disclosure habits are themselves a due-diligence signal. Regular progress and repayment reporting with stated assumptions is more informative than advertising — but any “100% success” style claim should still be checked against the project documents and third-party records.
Further reading: Loan Model vs. Equity Model · Regional Center Due Diligence
Sources
- ARCFE, “Post-RIA Milestone: ARCFE Group 12 Completes First $1.6 Million EB-5 Principal Repayment” (August 6, 2026)
- ARCFE, “ARCFE Celebrates The Second Post-RIA Project To Complete Capital Repayment to EB-5 Investors” (September 10, 2026)