Miami developer targets EB-5 funding for hotel projects

An EB-5 developer in Miami plans to break ground on a $24 million Miami airport hotel this fall, marking the first of three hospitality properties in the works for Riviera Point Development Group in the Southeastern United States.  Rivera Point will launch RED, Radisson’s millennial-focused brand, at the site at 3450 Northwest 25th Street. Twenty-three … Read moreMiami developer targets EB-5 funding for hotel projects

Breaking down the numbers on Madison Equities’ FiDi supertall

The developers of the proposed supertall condominium at 45 Broad Street are projecting a sellout of $624.4 million, according to an offering memorandum for construction financing obtained by The Real Deal. Robert Gladstone’s Madison Equities is partnering with Gemdale Properties and Investment, Impresa Pizzarotti & CSpA and AMS Acquisitions on the Financial District project. The … Read moreBreaking down the numbers on Madison Equities’ FiDi supertall

Jay Peak Tram Running As Summer Begins

Jay Peak Resort reopened its aerial tram Saturday for the summer after repairs and clearance from state engineers. This week, the iconic attraction will run from 10 a.m.-5 p.m. through Thursday. On Friday, it will be open until sunset, just in time for the holiday weekend. The resort recently completed a multi-day inspection of the … Read moreJay Peak Tram Running As Summer Begins

Loans Offered To Burke, Jay Peak Subcontractors

Two lending agencies are offering a special loan program for the building subcontractors who have not been paid for work at Jay Peak and Burke Mountain ski areas. About $4.6 million is owed to subcontractors that worked at the two resorts, according to documents filed with the U.S. District Court of Southern Florida. Vermont Economic … Read moreLoans Offered To Burke, Jay Peak Subcontractors

Banking Commission crisscrosses between competition and protection

Every so often the South Dakota Banking Commission finds itself in muddy waters. There was the 2010 decision in which the commissioners decided an offshore lender wasn’t a bank. The matter involved a large loan to what then was Northern Beef Packers at Aberdeen. Unknown to the public at the time, the EB-5 program’s management … Read moreBanking Commission crisscrosses between competition and protection

Suggested Procedures and Possible Options for Accepting Minors as Investors in EB-5 Investment Funds

The delay in processing EB-5 immigrant visas caused by the increasing waiting line commonly referred to as “retrogression” is causing an increase in demand by parents in China to have their minor children named as the primary applicant on I-526 petitions. With estimated delays of five to six years for the processing of EB-5 immigrant … Read moreSuggested Procedures and Possible Options for Accepting Minors as Investors in EB-5 Investment Funds

PhoenixMart finally going vertical

PhoenixMart is officially under construction. The long-awaited 1.5-million-square-foot expo center in Casa Grande, first announced in 2012, is finally going vertical. Casa Grande issued the final building permit for the $1 billion project, which cost PhoenixMart a $250,000 permit fee. PhoenixMart is supposed to fill up with nearly 2,000 showrooms with goods and services from … Read morePhoenixMart finally going vertical

State Regulators Bar EB-5 Project At Okemo From Soliciting New Investors

An EB-5, foreign investor-funded project at the base of Okemo Mountain Resort has come under new regulatory scrutiny over statements in its financial prospectus to investors. And the Vermont Department of Financial Regulation has stripped the project of its authority to solicit new investors, pending the creation of new disclosures that regulators say will more … Read moreState Regulators Bar EB-5 Project At Okemo From Soliciting New Investors

Ritzcoin Technologies Inc Pioneers Cryptocurrency Real Estate Investment With Europa Village

Ritzcoin Technologies Inc (Ritzcoin) in partnership with Europa Village broke ground on the first ever real estate investment project using Cryptocurrency. The partnership comes as part of a larger Ritzcoin’s initiative to fully integrate Cryptocurrency into the mainstay of the global financial system. Europa Village is a 45 acres luxury destination resort located at Temecula … Read moreRitzcoin Technologies Inc Pioneers Cryptocurrency Real Estate Investment With Europa Village

Mount Snow EB-5 investor sues federal officials

Mount Snow Resort administrators aren’t the only ones irked by the federal government’s backlogged EB-5 program. A Florida man who sank $500,000 into the Dover resort’s foreign-investment-driven expansion project has filed suit against several federal officials, alleging a “continuing and inexcusable delay” in review of his associated visa application. Mount Snow’s snowmaking and lodge upgrades … Read moreMount Snow EB-5 investor sues federal officials

Extell looks to raise $190M in EB-5 funds for Central Park Tower

Gary Barnett is looking to raise $190 million in financing for Extell Development’s Central Park Tower development through the EB-5 program, according to marketing materials on a Chinese EB-5 website. Extell had filed an offering plan for the 182-unit development back in July but withdrew it just a month later, according to records filed with … Read moreExtell looks to raise $190M in EB-5 funds for Central Park Tower

HAP Investments seeks $60M in EB-5 funding for Chelsea rental-condo project

HAP Investments – which has cycled through multiple designs for a planned rental-condominium development in Chelsea – is now seeking $60 million from EB-5 investors for the project. Eran Polack’s development firm is tapping the popular visa program, which awards a green card to foreigners who invest $500,000, for HAP’s $387 million development, according to … Read moreHAP Investments seeks $60M in EB-5 funding for Chelsea rental-condo project

Chinese company partners with Madison Equities to build 45 Broad condo

One of China’s largest developers has joined Madison Equities as an investor and developer of a planned 206-unit condominium at 45 Broad Street in the Financial District. Gemdale Properties and Investment has partnered with Madison, as well as Italian real estate company Impresa Pizzarotti & CSpA and AMS Acquisitions, to build a 1,100-foot tower at … Read moreChinese company partners with Madison Equities to build 45 Broad condo

Demolition started on iconic Kauai resort featured in Elvis movie

The $3.5 million demolition of the iconic Coco Palms Resort on the island of Kauai has started and is expected to take up to six months to complete, the developer told Pacific Business News. Construction on the shuttered resort, which will be redeveloped into a Hyatt-branded hotel, is expected to start in December and be … Read moreDemolition started on iconic Kauai resort featured in Elvis movie

End the corrupted EB-5 visa program

The United States offers 140,000 immigration visas each year based on applicants’ job skills — or, in one special category, on the ability to invest $500,000 to $1 million. That latter category — known as the “employment based fifth preference visa” or EB-5 — has shown itself to be especially susceptible to corruption and of … Read moreEnd the corrupted EB-5 visa program

Editorial: Hydro Deal Too Much for Vermont

A decade ago, when the state of Vermont was outbid by a Canadian company for a package of hydroelectric dams along the Connecticut and Deerfield rivers, many observers, including ourselves, lamented that an opportunity to bolster the state’s renewable energy portfolio had been missed. So when the dams were put up for sale again this … Read moreEditorial: Hydro Deal Too Much for Vermont

SEC Lays $1 Million Fine on a Major EB-5 Player

Ever the cop on the EB-5 beat, the Securities and Exchange Commission has levied a $1 million fine on one of the biggest and longest-established entities in the EB-5 business — American Life, Inc., and its president, Henry G. Liebman. Liebman was also fined $240,000, according to the SEC document that is the record of … Read moreSEC Lays $1 Million Fine on a Major EB-5 Player

Jay Peak Tram Undergoes Initial Inspection

Jay Peak Resort recently completed a three-day inspection of its aerial tram, with initial repairs to be done in time for some summer operations. The resort, in cooperation with the state’s passenger tram safety division, flew in an aerial tramway specialist and worked with state inspectors to examine the tram and its operating systems, according … Read moreJay Peak Tram Undergoes Initial Inspection

EB-5 investors take aim at Quiros and Raymond James

The major skirmishes in the legal battle over Jay Peak’s EB-5 projects seem to have settled down, at least for the moment. Civil suits filed against Ariel Quiros, the owner of Jay Peak and Burke Mountain resorts, and his companies, along with Bill Stenger, former president of Jay Peak, have been filed in federal court … Read moreEB-5 investors take aim at Quiros and Raymond James

Seattle developer fined $1.2M over immigrant-visa fundraising

One of Seattle’s top developers has been fined more than $1.2 million for using unlicensed advisers to steer investments from would-be immigrants into his projects. American Life and its president, Henry Liebman, agreed to a settlement with the Securities and Exchange Commission, marking the latest legal problem for the EB-5 investment program that has channeled … Read moreSeattle developer fined $1.2M over immigrant-visa fundraising

Lumber Co. Misled Agencies Over EB-5 Funding, Suit Says

A lumber company has been named in a qui tam action filed in Florida federal court by a former human resources generalist who alleges that the company submits false statements to government agencies regarding job creation and EB-5 funding. In a complaint filed in March and unsealed in Florida’s Middle District on Friday, Emma Tirella … Read moreLumber Co. Misled Agencies Over EB-5 Funding, Suit Says