Why $15.1 million, $92 million, $200 million, and $400 million are different EB-5 figures

By Lakefront Okeechobee Report · Independent reporting

Published October 7, 2026

Four numbers show up in Lakefront EB-5 discussions because they measure different things on different dates.

The October 24, 2023 Form D for EB5 United Okeechobee LLC reports $10.45 million sold, against a $100 million offering size. The August 26, 2025 Form D for EB5 United Okeechobee II LLC reports $4,650,100 sold, against another $100 million offering size. Adding those two snapshots produces $15,100,100. That sum is derived from two filings. It is not the final amount raised, and an earlier approximate $55 million “raised” note has been withdrawn because those filings do not support it.

The December 11, 2025 offering document reports about $92 million outstanding on November 26, 2025 to the two EB-5 lenders collectively. Outstanding principal is not amount sold.

The December 31, 2025 recorded mortgage identifies a $58,175,000 EB-5 note being consolidated with a $19,461,366.93 construction balance, and it sets a new maximum principal of $200 million. The $92 million figure and the $58.175 million figure measure different things on different dates, so both stay on the page. The same instrument contains a future-advance ceiling of up to $400 million. That ceiling is not money lent.

A September 2026 sponsor page described the raise as fully subscribed and did not state an exact dollar total. A sponsor’s status line is a company statement, not an audited subscription ledger.

Primary Capital pages that list the offerings as closed, each with a $100 million target, are also company statements. Closed and target are not disbursements to the developer.

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