Rounds: Feds right in exercising oversight of EB-5 in SD

U.S. Sen. Mike Rounds said Thursday that the federal government is right in exercising its oversight of an investment-for-visa program pioneered in South Dakota when he was governor. His comments came in response to questions about a federal notice that the state’s participation in the EB-5 visa program, which allows wealthy foreigners to invest in … Read moreRounds: Feds right in exercising oversight of EB-5 in SD

EB5 Capital Expanding into Texas

New EB5 Capital – Texas Regional Center Operated by Experienced Industry Leader With Proven Track Record Texas commercial real estate developers have an experienced new resource to help meet growing demand for lower-cost foreign investment capital. The new EB5 Capital – Texas Regional Center is owned and operated by a firm with nearly a decade … Read moreEB5 Capital Expanding into Texas

Group aims to market Starved Rock region to foreign investors

Wealthy foreign business people — whether from China, India, South America, or elsewhere — are often looking for projects in the United States to invest in. But it isn’t necessarily America’s economy that is attracting them. In many cases, those investors are looking to take advantage of the federal government’s EB-5 Immigrant Investor Program, which … Read moreGroup aims to market Starved Rock region to foreign investors

Gorman’s China trip secures financing for Rockford hotel project

Gorman & Company secured more downtown hotel financing during last week’s China trip, but enticing investors with a cash-for-green card program the developer plans to use is taking longer than expected. According to Gorman & Company President Gary Gorman, only about one third, or $8.3 million, of the company’s $25 million target for foreign investment has been … Read moreGorman’s China trip secures financing for Rockford hotel project

Annual Form I-924A Seasons Has Arrived re: Immigration

USCIS recently held a stakeholders teleconference as part of its informational series, EB-5 Interactive. The main topic of the teleconference concerned the “time to file” for the Form I-924A, which must be filed annually in order to demonstrate continued eligibility for designation as a regional center. USCIS indicated on the teleconference that a regional center can … Read moreAnnual Form I-924A Seasons Has Arrived re: Immigration

Feds wrest control of Everett developer’s company

Company was developing year-round farmers market site in Everett; CEO accused of fraud A federal judge late last week stripped developer Lobsang Dargey of control of his company Path America, which is building a large project in Everett, placing control in the hands of a third party.  The judge’s order allows a third party called a … Read moreFeds wrest control of Everett developer’s company

Overseas investors earn visas while boosting jobs in WNY

A program aimed at creating jobs in Western New York while attracting overseas investors is the subject of a forum in Niagara Falls today. The program is called “EB-5” and it’s taken off in recent years in the Buffalo-Niagara region. WBFO’s Jay Moran spoke with William Gresser, the President of the EB-5 New York State Regional Center, … Read moreOverseas investors earn visas while boosting jobs in WNY

Kuafu seeks $50M in EB-5 funding for 147 East 86th Street

U.S.-based Chinese developer pursuing $500,000 each from 99 investors Kuafu Properties executives are recruiting foreign investors for the firm’s 147 East 86th Street development, offering equity stakes and citizenship through the federal EB-5 visa program. New York-based Kuafu, along with partners Ceruzzi Properties and Stillman Development International, hope to bring in $49.5 million in total … Read moreKuafu seeks $50M in EB-5 funding for 147 East 86th Street

Feds aim to kick SD out from EB-5 program

The EB-5 scandal is blowing up again in South Dakota. And this time the allegations are bigger and stranger. The federal government agency that oversees the program has revealed it conducted a detailed investigation. Among the probe’s findings: • Three payments totaling $1.7 million inexplicably went to a holding company in Cyprus that owns Russian … Read moreFeds aim to kick SD out from EB-5 program

EB-5 investors take advantage of last-minute window to get in under old rules

Foreign investors hoping for a green card under the controversial EB-5 visa program have a last-minute window to apply, before Congress likely institutes tighter restrictions in December. The EB-5 program grants temporary legal status and a path to U.S. citizenship for foreign nationals who invest at least $500,000 in a U.S. business that creates at … Read moreEB-5 investors take advantage of last-minute window to get in under old rules

Big Fenway project with Chinese backers breaks ground

Pierce Boston, a 30-story residential tower, is planned for the junction of Boylston Street and Brookline Avenue in the Fenway. he first big residential project in Boston financed in part by money from China broke ground Thursday. It probably won’t be the last. When developer Steve Samuels, Mayor Martin J. Walsh, and others lined up … Read moreBig Fenway project with Chinese backers breaks ground

NES Financial to Be a Gold Sponsor at the 2015 IIUSA EB-5 Market Exchange

New solutions and programs will be highlighted at Silicon Valley Company’s booth The EB-5 industry continuously grows each year, and this event also presents an opportunity to meet new stakeholders and let them know about our leading solutions that can help them streamline their business processes. NES Financial, the leading provider of EB-5 administration solutions … Read moreNES Financial to Be a Gold Sponsor at the 2015 IIUSA EB-5 Market Exchange

Critics Decry Luxe Tower’s ‘Widespread Abuse’ of Aid Program

Steven Witkoff‘s incoming Central Park South luxury tower has come under fire again, this time for its use of the EB-5 green card program. The 900-foot tower at 36 Central Park South, which is expected to command asks of up to $13,000 per square foot, is the highest-profile building to take advantage of the immigrant … Read moreCritics Decry Luxe Tower’s ‘Widespread Abuse’ of Aid Program

Thanks to EB-5 provision, Witkoff’s 1 Park Lane is in a low-income neighborhood

The “Billionaires’ Row” project is in a census tract with East Harlem public-housing projects  Under the EB-5 program, Steve Witkoff’s skyscraper on “Billionaires’ Row” is considered to be in a low-income area. Witkoff is among several developers benefiting raking in financing, in part, due to census tracts shaped in order to comply with a stipulation of EB-5. … Read moreThanks to EB-5 provision, Witkoff’s 1 Park Lane is in a low-income neighborhood

Are Hotels About to Encounter Headwinds?

The fundamentals of hotels and hotel financing have been on a straight vertical incline upward from the doldrums of 2009 until present day 2015. Generally speaking, average daily rate and occupancy have gone up annually, while cap rates have plunged since the financial crisis. So a correction, or at least a pause, is inevitable. But … Read moreAre Hotels About to Encounter Headwinds?

Senator Grassley talks immigration, Iran nukes

Grassley talks with citizens of Storm Lake. U.S. Senator Chuck Grassley fielded questions from area residents from 7:30 until about 8:30 Monday morning at the King’s Pointe conference center. Immigration and the Iran Nuclear Agreement dominated the discussion. First, Grassley said “Thank you all for coming out. In a representative government, communication is essential, and I always … Read moreSenator Grassley talks immigration, Iran nukes

EB-5 tougher for Chinese rich if investment bar goes up

The EB-5 immigrant investor program, popular green card route for Chinese rich investors, may pose tough time for potential investors from the world’s second largest economy if the changes under consideration come into force. The US government grants permanent residency to foreigners who invest $500,000 in the US economy creating employment opportunities. The US government … Read moreEB-5 tougher for Chinese rich if investment bar goes up

Posh Tower Proposed for Struggling New York Neighborhood: Central Park South

Developer capitalizes on provision in immigrant investor program aimed at helping economically ailing areas. If developer Steven Witkoff’s ambitions are realized, he will complete by 2020 a soaring 900-foot condominium tower that would be the latest addition to the “Billionaires’ Row” of ultraluxury skyscrapers on the southern edge of New York’s Central Park. Aiding Mr. … Read morePosh Tower Proposed for Struggling New York Neighborhood: Central Park South

EB-5 loans: low rates, big reward

EB-5 investments take a variety of forms. In some cases, the investor gets an ownership stake in a property, as with the Orange Medical Plaza, an office building across from St. Joseph Hospital being built with $5 million in EB-5 investments. Most typically, though, the EB-5 investment serves as mezzanine financing, or a subordinate loan … Read moreEB-5 loans: low rates, big reward

Census quirk lets wealthy foreigners seeking green cards invest in O.C. luxury at a discount

Foreigners seeking green cards invested $500,000 apiece to help build the Pasea Hotel. The Huntington Beach project is considered in a high-unemployment zone. The Pasea Hotel, rising just “steps from the Huntington Beach pier,” offers the ultimate in luxury. Restaurants, bars and suites feature ocean views. Guests paying more than $300 a night can relax in … Read moreCensus quirk lets wealthy foreigners seeking green cards invest in O.C. luxury at a discount

West Oakland supermarket on hold as owners fight in court

A dispute between the owners of a West Oakland shopping center has derailed plans for the district’s first supermarket in nearly a decade, leaving a prominent Oakland businessman facing a possible $500,000 fine and his third lawsuit in the past year. Hopes were high for the long-struggling Jack London Gateway shopping center last year when Thomas … Read moreWest Oakland supermarket on hold as owners fight in court

Green Card-for-Investment Program Under Scrutiny

The Hudson Yards development in New York raised $600 million from roughly 1,200 Chinese families to help finance the massive project.  As immigration continues to be a hot-button campaign issue, a lesser-known federal program called EB-5, which allows wealthy foreigners to obtain green cards by investing in development projects in the United States, is currently in the … Read moreGreen Card-for-Investment Program Under Scrutiny

Related’s 10 Hudson Yards to open March 2016

The 1.7M-square-foot office tower is 85 percent rented The first skyscraper at Hudson Yards will open in just a few months, Related Companies’ CEO Jeff Blau announced at a ceremony celebrating the building’s topping off. 10 Hudson Yards, which reached its full 52-story height Wednesday, is also already mostly rented out, with Related obtaining commitments for 85 percent of … Read moreRelated’s 10 Hudson Yards to open March 2016

Sen grassley decries abuses wealthy foreign investor visa program

A visa program intended to encourage wealthy foreigners to invest in high unemployment areas in the U.S. is instead being used to direct money to luxury establishments in affluent areas, according to Senate Judiciary Chairman Chuck Grassley (R-IA). Grassley has been a critic of the current state of the EB-5 visa program — which allows foreigners to … Read moreSen grassley decries abuses wealthy foreign investor visa program

AISA Selects NES Financial’s EB-5 Fund Administration Solution

NES Financial announced today that it has been selected by AISA Investment Advisers as the independent third party fund administrator for the company’s EB-5 Client’s Managed Investment Account. NES Financial’s leading Intelligent EB-5 Solutions have been used on more than 350 projects representing over $14 billion in EB-5 capital. AISA is a registered investment advisory firm … Read moreAISA Selects NES Financial’s EB-5 Fund Administration Solution

New Canopy by Hilton hotel coming to Palm Beach County

West Palm Beach will be home to one of eight new Canopy by Hilton hotels. The approximately $37 million Canopy hotel in West Palm Beach is being developed by Driftwood Hospitality Management of North Palm Beach. Ground breaking is expected in May 2016, said Mike Diaz, Driftwood’s chief operating officer. Hilton Worldwide launched Canopy in October 2014, touting it … Read moreNew Canopy by Hilton hotel coming to Palm Beach County

SEC adds millions to developer’s alleged fraud in Seattle

Developer Lobsang Dargey misappropriated as much as $46 million invested by would-be immigrants in his downtown Seattle Potala Tower, an attorney for a federal regulator claimed Tuesday during a hearing on a court-imposed asset freeze. That would be more than twice the amount the Securities and Exchange Commission (SEC) alleged when it sued Dargey and his company, Path America, on Aug. 24 … Read moreSEC adds millions to developer’s alleged fraud in Seattle

Nazarian to Sell Stake in SLS Las Vegas Hotel

Sam Nazarian, founder and CEO of the SBE Entertainment Group, said of the deal: “The resort remains a valued member of the expanding collection of SBE branded and managed luxury hotels across the country and the globe.”  Hotelier’s company also giving up management of the money-losing property Hotelier Sam Nazarian has agreed to sell his … Read moreNazarian to Sell Stake in SLS Las Vegas Hotel

Chinese Investors Prefer TEA

In between the internecine budget wars currently raging in Congress and the immigrant wars raging on the presidential campaign trail, there’s one important issue that overlaps on both fronts, and which is largely being ignored in the media: what will happen with EB-5, the government program that offers visas to foreign investors? Enough attention has … Read moreChinese Investors Prefer TEA

Latest Randall Davis tower receives financing

Condo developer Randall Davis is moving forward on the development of a 33-story tower on the southeast corner of San Felipe Road and Westcreek Lane. The building, called Arabella, will have 99 units and is scheduled to be completed in the fall of 2017, according to Transwestern, a commercial real estate firm that arranged financing for … Read moreLatest Randall Davis tower receives financing

The Flawed Immigration Program Congress Hasn’t Changed

When it decided this week to continue to fund the government (for the time being), Congress also kicked the can down the road on another program that could affect thousands of Americans and foreigners alike. The EB-5 visa program allows wealthy people around the world to essentially buy green cards by investing in development projects in the United States. … Read moreThe Flawed Immigration Program Congress Hasn’t Changed

Senator Rand Paul Introduces Legislation to Expand the EB-5 Program

  In the latest EB-5-related bill to hit the Senate floor, Senator Rand Paul (R-KY) introduced on October 1, 2015 the most open-handed, favorable legislation to-date for the reauthorization and renewal of the EB-5 Regional Center Program. The Invest In Our Communities Act, Bill S. 2122, comes at a critical time for the program, which … Read moreSenator Rand Paul Introduces Legislation to Expand the EB-5 Program

Job Openings Data Misrepresented

Job Openings Data Misrepresented Think tank personnel cannot read a simple chart, desperate to fool public? Written by Steve Kritzer on July 24th 2015Updated July 25th 2015 Subjects: shortage of STEM graduates, Adams Nagar, H-1B train your replacement, Job Openings and Labor Turnover Survey, Information Technology and Innovation Foundation ITIF Adams Nagar, an Economic Research … Read moreJob Openings Data Misrepresented

Fate of controversial US immigrant investor program up in air

A program that lets wealthy individuals live in the U.S. in exchange for investment is about to end, unless Congress decides to extend it or make it permanent. Though proponents say the arrangement helps to revive local economies, critics have called for tougher controls due to concerns the system could be exploited.      China … Read moreFate of controversial US immigrant investor program up in air

Allied Orion Group Breaks Ground On Block 384 In Houston, Texas

Allied Orion Develops Class A Downtown Mid-Rise Apartment Community Allied Orion Group breaks ground on Block 384–a Class A, Mid-Rise Apartment Community in Downtown Houston. Pictured L to R: Ed Gonzalez, Houston Mayor Pro-Tem,Emilio Guzman – Houston EB5, Roberto Contreras – Houston EB5, Dick Sadka. Allied Orion Group has broken ground on Block 384—a 242-unit … Read moreAllied Orion Group Breaks Ground On Block 384 In Houston, Texas