Claims

Glades County

Dated observation

The project land is in unincorporated Glades County, Florida, described in official materials as east of State Road 78 and north of Tomato Grade Road. Marketing uses an Okeechobee address identity. That is not the same as a location in Okeechobee County.

Official offering document As of Dec 11, 2025

525–526 acres

Approximate

Approximate development size is 525 to 526 gross acres, depending on document rounding.

Official offering document As of Dec 11, 2025

About 1,300 homes

Planned

Planned residential buildout is approximately 1,300 residential units.

Official offering document As of Dec 11, 2025

Planned

Commercial square footage is not a single settled number. One offering-document summary describes approximately 780,000 square feet of commercial uses. A methodology table contains 30,697 square feet of commercial-religious uses plus 806,585 square feet of other commercial uses.

Conflicting sources As of Dec 11, 2025

Both commercial-area figures are shown. They come from different tables.

132.53 acres

Approximate

Assessment Area One / Phase 1A is approximately 132.53 gross acres.

Official offering document As of Dec 11, 2025

199 homes in Area One

Planned

Assessment Area One plans 199 residential units.

Official offering document As of Dec 11, 2025

About 209,836 sq ft

Planned

Assessment Area One plans approximately 209,836 square feet of commercial uses.

Official offering document As of Dec 11, 2025

Dated observation

A December 2025 offering document described the target market as the Ultra-Orthodox Jewish community in the Northeast U.S.

Official offering document As of Dec 11, 2025

This is the document's statement. It is not this site's housing preference, and it is not a classification of any resident or buyer.

Dated observation

The same project materials state that the development is open to all buyers.

Official offering document As of Dec 11, 2025

Company interest

The December 2025 CDD offering document describes Okeechobee Community Developers LLC as the sole landowner and developer at that time.

Official offering document As of Dec 11, 2025

JAM 50% · LH 21.25% · Member 18.75% · SPV 10%

Company interest

Direct membership interests in Okeechobee Community Developers LLC are reported as JAM Equities LLC 50%, Okeechobee LH LLC 21.25%, Okeechobee Member LLC 18.75%, and Okeechobee SPV Holdings I LLC 10%.

Official offering document As of Dec 11, 2025

These are membership interests of the named LLCs, not personal shares.

Dated observation

JAM Equities LLC is identified as the sole manager of Okeechobee Community Developers LLC.

Official offering document As of Dec 11, 2025

Manager is not the same thing as 100% economic ownership.

About $13.9 million

Reported spent

December 2025 CDD documentation states the approximately 525-acre land was acquired for about $13.9 million.

Official offering document As of Dec 11, 2025

About $3.5 million of the purchase price was attributed to Assessment Area One. The recorded deed's stated consideration has not been separately confirmed.

About $3.5 million

Reported spent

About $3.5 million of the land purchase price was attributed to Assessment Area One.

Official offering document As of Dec 11, 2025

About $8.9 million

Reported spent

An earlier summary used an approximately $8.9 million land-purchase figure.

Superseded As of Dec 11, 2025

Superseded. The deed's stated consideration has not been separately confirmed.

Superseded by a newer source. About $13.9 million

$200 million maximum

Maximum

The recorded EB-5 mortgage states a maximum principal of $200 million.

Official offering document As of Nov 26, 2025

Maximum principal is a contractual ceiling. It is not an amount disbursed.

About $92 million outstanding

Outstanding

The collective EB-5 loan from EB-5 United Okeechobee LLC and EB-5 United Okeechobee II LLC was reported as approximately $92 million outstanding.

Official offering document As of Nov 26, 2025

Outstanding principal on this date is not Form D amount sold and is not final investor subscriptions.

Dated observation

The December 2025 offering document reports EB-5 interest of 7% per annum, payable monthly, with final maturity in June 2028 and two one-year extension options.

Official offering document As of Nov 26, 2025

$100 million offering size

Offering size

The October 24, 2023 Form D for EB5 United Okeechobee LLC reports an offering size of $100 million.

SEC filing As of Oct 24, 2023

$10.45 million amount sold

Reported sold

The October 24, 2023 Form D for EB5 United Okeechobee LLC reports $10.45 million sold as of that filing.

SEC filing As of Oct 24, 2023

Amount sold in this filing is not a final raise and is not an outstanding loan balance.

$100 million offering size

Offering size

The August 26, 2025 Form D for EB5 United Okeechobee II LLC reports an offering size of $100 million.

SEC filing As of Aug 26, 2025

$4,650,100 amount sold

Reported sold

The August 26, 2025 Form D for EB5 United Okeechobee II LLC reports $4,650,100 sold as of that filing.

SEC filing As of Aug 26, 2025

$15,100,100 combined snapshots

Reported sold

Adding the two Form D amount-sold snapshots produces $15,100,100.

Derived As of Aug 26, 2025

Arithmetic sum of two filings from different dates. Not the project's total EB-5 raise.

$58,175,000 note principal

Outstanding

The December 31, 2025 mortgage consolidation identifies an existing EB-5 note principal of $58,175,000.

Public record As of Dec 31, 2025

This figure is kept separate from the approximately $92 million collective balance reported as of November 26, 2025.

$28,039,591.17 original maximum

Maximum

Construction Loan Services II LLC senior financing is later described with an original maximum principal of $28,039,591.17.

Public record As of Jul 31, 2024

$19,461,366.93 outstanding

Outstanding

The December 31, 2025 consolidation identifies an outstanding construction-loan balance of $19,461,366.93.

Public record As of Dec 31, 2025

About $20 million outstanding

Outstanding

The December 2025 offering document reports the construction loan at approximately $20 million outstanding, with interest of 9.99% payable monthly and final maturity then stated as January 21, 2026.

Official offering document As of Oct 1, 2025

The offering document gives October 2025, not a specific day. The later recorded balance is a separate figure.

$77,636,366.93 consolidated existing balances

Outstanding

The two balances explicitly identified for consolidation on December 31, 2025 total $77,636,366.93.

Derived As of Dec 31, 2025

Sum of the $58,175,000 EB-5 note and the $19,461,366.93 construction-loan balance named in the instrument. Not total project capital.

Dated observation

Of those two named balances, the EB-5 note is about 74.93% and the construction-loan balance is about 25.07%.

Derived As of Dec 31, 2025

Share of the two balances being consolidated. Not the funding mix of the entire project.

$400 million future-advance ceiling

Ceiling

The December 31, 2025 instrument contains a future-advance provision contemplating a total ceiling of up to $400 million.

Public record As of Dec 31, 2025

A ceiling is not money lent.

$132 million authorization ceiling

Authorized

CDD Resolution No. 2023-30 authorized issuance of not exceeding $132 million aggregate principal amount of bonds.

Official offering document As of Dec 20, 2023

Authorization is not issuance.

About $135 million planning assumption

Authorized

A master assessment methodology used planning assumptions of approximately $135 million maximum bond size.

Official offering document As of Feb 1, 2024

Planning capacity is not debt issued.

$8.99 million issued

Issued

Series 2025 Special Assessment Bonds for Assessment Area One were issued in the aggregate principal amount of $8.99 million.

Official offering document As of Dec 23, 2025

$7,748,948.06 net proceeds

Dated observation

Net proceeds reported available to the District for construction or acquisition from the Series 2025 bonds were $7,748,948.06.

Official offering document As of Dec 23, 2025

About $35 million

Reported spent

As of October 2025, the developer reported approximately $34.59 million to $35 million in land-development costs.

Developer-reported As of Oct 1, 2025

About $18 million

Reported spent

As of October 2025, the developer reported approximately $18 million in vertical construction spending.

Developer-reported As of Oct 1, 2025

About $3.5 million

Reported spent

As of October 2025, the developer reported approximately $3.5 million in general conditions.

Developer-reported As of Oct 1, 2025

About $33 million combined

Reported spent

As of October 2025, the developer reported approximately $33 million in a combined category of architecture and engineering, consulting, marketing, and financing costs.

Developer-reported As of Oct 1, 2025

Marketing is not isolated inside this category.

$121,548,650 estimate

Estimated

February 2024 master methodology materials include a project-cost estimate of $121,548,650 including contingency.

Official offering document As of Feb 1, 2024

About $110.5 million before contingency

Estimated

The same engineer material describes a pre-contingency capital-improvement total of approximately $110,498,773.

Official offering document As of Feb 1, 2024

$119,776,493 alternate exhibit

Estimated

A separate project-description exhibit showed a total of $119,776,493.

Conflicting sources As of Feb 1, 2024

Different lighting and contingency treatment. The tables are not collapsed into one total.

$28,560,055 estimate

Estimated

The Series 2025 estimated project for Assessment Area One totals $28,560,055.

Official offering document As of Dec 11, 2025

$122,646 O&M assessments

Dated observation

The fiscal 2026-27 CDD budget identifies O&M assessments of $122,646.

Official offering document As of Oct 1, 2026

$726,435 debt assessments

Dated observation

The fiscal 2026-27 CDD budget identifies debt assessments of $726,435.

Official offering document As of Oct 1, 2026

$180 interest income

Dated observation

The fiscal 2026-27 CDD budget identifies interest income of $180.

Official offering document As of Oct 1, 2026

$849,261 budgeted revenue

Dated observation

The fiscal 2026-27 CDD budget identifies total budgeted revenue of $849,261.

Official offering document As of Oct 1, 2026

$668,320 bond-payment provision

Dated observation

The fiscal 2026-27 CDD budget includes a provision for bond payments of $668,320.

Official offering document As of Oct 1, 2026

About 15 developer-reported contracts

Dated observation

By November 2025, approximately 15 homes were reported sold to homebuyers at an average sales price of $560,000. Closings were still expected later, so this is a developer-reported contract figure.

Developer-reported As of Nov 1, 2025

Not recorded deed closings.

About $325,000 deposits reported

Reported spent

Home sale contracts were reported to require approximately a $25,000 nonrefundable deposit, with approximately $325,000 in deposits reported received.

Developer-reported As of Nov 1, 2025

Dated observation

By November 2025, seven model homes were reported constructed and approximately 52 homes were reported under construction, with approximately 25 more expected to start in December 2025.

Developer-reported As of Nov 1, 2025

Dated observation

As of October 7, 2026, the Glades County public-record index was verified only through September 24, 2026.

Public record As of Oct 7, 2026

Absence of a located deed is not proof that no closing occurred.

0 confirmed recorded closings

Dated observation

No individual home deed closing is confirmed as of October 7, 2026.

Public record As of Oct 7, 2026

The county index ran through September 24, 2026, so this is not proof that no closing occurred.

Dated observation

EB5 United's project-status page described Lakefront as fully subscribed, closed to new investors, and the raise complete as of its September 2026 project status. That page did not state an exact final dollar total.

Company statement As of Sep 1, 2026

A sponsor's "fully subscribed" statement is not an audited subscription total.

More than $800 million claimed

Dated observation

A December 2025 government grant application claims more than $800 million in combined financing for the overall development. The filing does not break that figure down enough to treat it as cash already invested.

Public record As of Dec 10, 2025

Not treated as cash already invested.

Dated observation

Public sources reviewed through October 7, 2026 identify Pivot Group as having a marketing role in connection with Lakefront. Those sources do not disclose a Lakefront contract amount or isolate Pivot's compensation.

Company statement As of Oct 7, 2026

The $33 million combined category is not Pivot Group's fee.

Dated observation

The audit for the fiscal year ended September 30, 2024 reported that all CDD board members at that time were affiliated with Okeechobee Member LLC.

Official offering document As of Sep 30, 2024

Dated governance fact. Not proof of personal ownership of the developer.

Company interest

An investment-adviser report disclosed that Brad Stedem had 50% ownership of EB-5 United LLC, a sponsor-level business.

SEC filing As of Oct 7, 2026

This is not 50% of EB5 United Okeechobee LLC, not 50% of the Lakefront loan, and not 50% of the project.