This distinction matters because the EB-5 industry generally has experienced genuine enforcement actions involving unrelated promoters, immigration attorneys and regional-center participants. For example, the SEC has prosecuted individuals in other EB-5 matters for undisclosed transaction-based compensation and unregistered brokerage activity. Such industry history justifies careful diligence, but those unrelated enforcement cases should not be attributed to EB5AN merely because they involve the same immigration program.
EB5AN's strongest positives are the duration and depth of its documentary trail: founded in 2013 according to the firm; founders consistently identifiable; repeated Form D filings over multiple years; numerous separately identifiable fund vehicles; extensive USCIS regional-center activity; a national real-estate portfolio; and more than $1 billion in cumulative EB-5 capital deployed according to the manager. Its latest 2026 filings also demonstrate ongoing rather than historical-only activity, including $28 million Brandon Multifamily Fund 41, $25.6 million Brandon Multifamily Fund 42, $20 million Mosaic Fund 40 and $80 million Simply Shenandoah Fund 43 offerings reported in September filing data. These are meaningful indicators of an established operating platform, but the $1 billion-plus figure remains a platform-level company disclosure and should not be confused with current AUM or the capitalization of one fund.
The risks are more project-specific: construction delays, cost overruns, borrower default, refinancing failure, falling property values, collateral subordination, inadequate job creation, immigration-policy changes, I-956F/I-526E timing, investor source-of-funds problems, prolonged capital deployment, redeployment requirements and illiquidity. Investors should also examine whether repayment maturity can occur before the immigration sustainment requirements have been satisfied and what the governing documents permit the fund manager to do with returned loan proceeds. Because EB-5 can combine securities, real estate, immigration and tax considerations, independent securities counsel and immigration counsel serve different functions and should not be treated as substitutes for each other.
The overall evidence therefore supports a clear but carefully limited conclusion: EB5AN is a long-established and extensively documented EB-5 regional-center and investment-fund platform whose founders and numerous individual securities vehicles can be verified independently through SEC, USCIS and first-party records. It has substantially more regulatory and operational history than a newly formed one-project EB-5 promoter. That does not mean every EB5AN project has identical economics or risk. The relevant unit of analysis remains the specific limited partnership and the specific job-creating project receiving its capital.
For any current offering, investors should obtain the exact Form D, private placement memorandum, partnership agreement, subscription agreement, I-956F documentation, economic impact report, capital stack, appraisal, senior-loan documents, security agreements, guarantees, developer financial information, job-creation model, construction budget, repayment plan, fund fees, regional-center fees and redeployment provisions. They should also determine exactly which EB5AN regional center sponsors the project and whether that regional center remains in the required USCIS status.
SEC Form D establishes an exempt securities offering. USCIS regional-center designation or project approval relates to immigration-program requirements. Neither constitutes an SEC endorsement of investment merit, a federal guarantee of repayment, or an unconditional guarantee of permanent residence.
SEC SNAPSHOT
REVIEWED BRAND: EB5AN
ALTERNATIVE / RELATED BRAND: EB5 Affiliate Network
FOUNDED: 2013 according to EB5AN
FOUNDERS: Samuel B. Silverman Michael B. Schoenfeld
HEADQUARTERS / CURRENT RECURRING FUND ADDRESS: 954 Avenida Juan Ponce de Leon Miramar Plaza, Suite 205 San Juan, Puerto Rico 00907
REPORTED PLATFORM SCALE: 15 USCIS-approved regional centers 50+ real-estate investment funds More than $1 billion in EB-5 capital deployed Figures reported by EB5AN
INVESTMENT SECTORS REPORTED: Single-family residential Townhomes Multifamily Condominiums Ski / wellness resorts Master-planned communities Other real-estate development
REGULATORY STRUCTURE: SEC Regulation D private offerings Many modern funds use Rule 506(c) Many funds claim Investment Company Act Section 3(c)(1) USCIS Regional Center / EB-5 immigration framework applies separately
SELECT HISTORICAL SEC FUND: EB5AN Twin Lakes Georgia Fund XIII, LP
YEAR: 2021
SELECT HISTORICAL FUND: EB5AN Rocky River Fund 29, LP
YEAR: 2024
SELECT 2026 FUND: EB5AN Rocky River Fund 38, LP
SEC File No.: 021-580018
SELECT 2026 FUND: EB5AN Mosaic Fund 40, LP
SEC File No.: 021-580023
September 2026 Reported Offering: $20,000,000
SELECT 2026 FUND: EB5AN Brandon Multifamily Fund 41, LP
SEC File No.: 021-580026
Entity: Delaware Limited Partnership
Exemption: Rule 506(c)
Investment Company Act: Section 3(c)(1)
September 14, 2026 Reported Offering: $28,000,000
Reported Sold: $3,200,000
Minimum Investment: $800,000
Related Persons: Michael Benjamin Schoenfeld Samuel Brookner Silverman
Disclosed Relationship: Managing Members of Manager of General Partner
SELECT 2026 FUND: EB5AN Brandon Multifamily Fund 42, LP
CIK: 0002125303
SEC File No.: 021-580021
September 2026 Reported Offering: $25,600,000
SELECT 2026 FUND: EB5AN Simply Shenandoah Fund 43, LP
CIK: 0002139201
SEC File No.: 021-588073
EIN: 66-1116996
Entity: Delaware Limited Partnership
Year Organized: 2025
June 2026 Form D: Confirmed
September 14, 2026 Form D/A: Confirmed
September 2026 Reported Offering: $80,000,000
Exemption: Rule 506(c)
Investment Company Act: Section 3(c)(1)
Related Person: Michael Benjamin Schoenfeld
SELECT ADDITIONAL 2026 OFFERINGS: EB5AN Granbury Multifamily Fund 44 — approximately $18.4M reported offering EB5AN Granbury Multifamily Fund 45 — approximately $20M reported offering EB5AN Pointe Vista Fund 33 — approximately $200M reported offering EB5AN Spring Haven Fund 35 — approximately $80M reported offering
WEBSITE / REGULATORY PENETRATION:
Official corporate website — CONFIRMED Named founders — CONFIRMED SEC fund vehicles — CONFIRMED Longitudinal Form D history — CONFIRMED Regional-center activity — CONFIRMED Founders appearing in SEC filings — CONFIRMED Puerto Rico address continuity — CONFIRMED Multiple 2026 offerings — CONFIRMED $1B+ deployed-capital claim — COMPANY REPORTED 15 regional centers claim — COMPANY REPORTED / regional-center status should be checked project-by-project 50+ funds — COMPANY REPORTED and consistent with extensive public fund history Project-specific USCIS documentation — AVAILABLE FOR SOME PROJECTS Investor-specific immigration approval — NEVER ASSUME Project repayment — NOT GOVERNMENT GUARANTEED
2026 LITIGATION DISCLOSURE:
May 1, 2026: Several EB5AN-related regional-center entities filed an Administrative Procedure Act action against the Director of USCIS in the Southern District of Florida.
August 31, 2026: EB5 Affiliate Network Regional Center Application, LLC and EB5AN Non-Continental Regional Center, LLC filed another Administrative Procedure Act action against the Director of USCIS.
IMPORTANT INTERPRETATION: These cases identify EB5AN entities as plaintiffs challenging government agency action. They are not, based on the cited docket descriptions, SEC fraud enforcement proceedings against EB5AN.
CORE INVESTOR RISKS:
Project concentration Developer execution Construction delay Cost overruns Senior debt Collateral priority Real-estate valuation Interest-rate and refinancing risk Loan maturity Immigration sustainment period Job-creation shortfall I-956F / I-526E adjudication risk Investor source-of-funds risk Regional-center compliance Redeployment risk Illiquidity Long investment duration Related-party transactions Manager discretion No government guarantee of principal No automatic immigration guarantee
CORE DILIGENCE QUESTIONS:
Which EB5AN legal fund receives the investor's $800,000 Which regional center sponsors the project What is the exact job-creating entity Is the EB-5 investment structured as debt or equity What position does EB-5 capital occupy in the capital stack How much developer equity is invested What senior debt exists What collateral secures the EB-5 loan Are membership interests pledged What completion guarantee exists What job-creation guarantee exists Is there an I-526E denial refund guarantee Who provides each guarantee and what is that guarantor worth Has Form I-956F been filed Has it been approved How large is the projected job-creation cushion How much construction has already been completed What is the repayment source What happens if refinancing is unavailable What is the loan maturity What extension rights exist What happens if the loan repays while investors still need capital sustained Can capital be redeployed Into what assets What fund and administrative fees are charged Who holds investor cash Who administers the partnership What financial reporting is provided What audits are available What disputes or liens exist at the project level
INDEPENDENT CONCLUSION:
EB5AN is one of the more extensively documented EB-5 platforms visible through public SEC and USCIS records. Its history extends well beyond one recently created issuer, and its founders, fund structures and multiple generations of EB-5 offerings can be traced through independent regulatory material.
Its 2026 filing activity remains substantial, including multiple offerings ranging from approximately $18 million to as much as $200 million, with Simply Shenandoah Fund 43 alone reporting an $80 million offering and Brandon Multifamily Fund 41 reporting a $28 million offering.
That platform scale is useful evidence of operating history but does not make every EB5AN investment equivalent.
The correct diligence question is not simply:
"Is EB5AN real"
The stronger question is:
"What exact EB5AN fund am I purchasing, what project receives the money, what collateral protects it, how many qualifying jobs are projected, what must occur for repayment, and what happens to my immigration and investment position if the project underperforms"
SEC records support the existence of EB5AN-related private securities offerings. USCIS records support the existence of the EB-5 regional-center framework and historical EB5 Affiliate Network projects.
Neither agency guarantees investment performance, repayment of capital, or an individual investor's immigration result.
PRIMARY EVIDENCE REVIEWED:
U.S. Securities and Exchange Commission EDGAR EB5AN Simply Shenandoah Fund 43, LP CIK 0002139201 File No. 021-588073
U.S. Securities and Exchange Commission EDGAR EB5AN Brandon Multifamily Fund 41, LP CIK 0002125302 File No. 021-580026
U.S. Securities and Exchange Commission EDGAR EB5AN Brandon Multifamily Fund 42, LP CIK 0002125303 File No. 021-580021
U.S. Securities and Exchange Commission EDGAR EB5AN Mosaic Fund 40, LP CIK 0002125304 File No. 021-580023
U.S. Securities and Exchange Commission EDGAR EB5AN Rocky River Fund 38, LP CIK 0002125305 File No. 021-580018
U.S. Securities and Exchange Commission EDGAR EB5AN Rocky River Fund 29, LP CIK 0002043025
U.S. Securities and Exchange Commission EDGAR EB5AN Twin Lakes Georgia Fund XIII, LP CIK 0001871182
U.S. Citizenship and Immigration Services EB-5 Immigrant Investor Program materials
U.S. Citizenship and Immigration Services Historical EB5 Affiliate Network regional-center / project approval material
EB5AN official team and company disclosures
Federal court docket records EB5 Affiliate Network-related Administrative Procedure Act actions against USCIS, 2026