Driftwood scores $16M construction loan for Doral hotel, including EB-5 funding

Rendering of the Doral DoubleTree by Hilton Developers said project’s total value is roughly $26 million With construction well underway at their Hilton-branded hotel in Doral, partners Driftwood Hospitality Management and American Opportunity Regional Center just secured a $16 million loan to help finance the project, including $10 million from EB-5 investors. County records show the … Read moreDriftwood scores $16M construction loan for Doral hotel, including EB-5 funding

Tacoma new hotel site work in Dec.

Just after Christmas, construction work will begin to erect a ramp from Commerce Street up to parking garage levels underneath Tacoma’s Convention and Trade Center. By next March, work is expected to begin on a 300-room hotel within the rose-color section of this image. City of Tacoma officials announced today that the beginnings of construction for … Read moreTacoma new hotel site work in Dec.

Anshoo Sethi will soon be sentenced to prison for EB-5 visa wire fraud case

Ambitious Indian American’s plea deal rejected. Anshoo Sethi, an over ambitious Indian American man who dreamed of building a $900 million hotel and convention complex near O’Hare Airport in Chicago has pleaded guilty to wire fraud and is awaiting sentencing. According to the charge sheet, Sethi assembled a team of political heavyweights, including Illinois House Speaker Michael … Read moreAnshoo Sethi will soon be sentenced to prison for EB-5 visa wire fraud case

Political insiders cashed in on failed O’Hare project

He was a twenty-something wannabe developer, the son of immigrants from India, and he dreamed of building a $900 million hotel and convention complex near O’Hare Airport. He assembled a team of political heavyweights, including Illinois House Speaker Michael J. Madigan, and traveled to China to get investors. Now, the land sits empty, and Anshoo … Read morePolitical insiders cashed in on failed O’Hare project

GID, Henley scores $1.2B in construction loans for Waterline Square (One Waterline Square)

Partners putting up more than $1B in equity in UWS waterfront project Despite a tight lending market, the developers of the recently rebranded Waterline Square on the Upper West Side have been able to lock down $2.3 billion in construction financing. GID Development TRData LogoTINY and its partner Henley Holding Co., a subsidiary of the Abu Dhabi … Read moreGID, Henley scores $1.2B in construction loans for Waterline Square (One Waterline Square)

Receiver seeks $1.95m helping clean EB-5 mess Jay Peak

Michael Goldberg, left, the receiver for the Jay Peak and Burke ski areas, and Gov. Peter Shumlin.  The receiver for two troubled ski resorts in the Northeast Kingdom is asking the court to approve $1.95 million in legal and accounting fees. Michael Goldberg, the court-appointed receiver for Jay Peak and Burke Mountain resorts, racked up the fees as he … Read moreReceiver seeks $1.95m helping clean EB-5 mess Jay Peak

Jay peak manager readies first ski season helm

Steve Wright, Jay Peak’s general manager, looks out toward the slopes last week. The resort plans to open Friday. Steve Wright’s office space didn’t change, but his role at Jay Peak resort has greatly expanded. Wright is preparing to guide the resort through his first full ski season as its general manager, named to the … Read moreJay peak manager readies first ski season helm

Hawaii Ocean Plaza condo-hotel coming to Ala Moana-Kakaako area

Hawaii Ocean Plaza condo-hotel coming to Ala Moana-Kakaako area Chinese investors plan to build a 407-unit condominium-hotel high-rise tower near Ala Moana Center in Honolulu. Hawaii City Plaza LP, headed by California Investment Regional LLC, presented plans Tuesday night to the Ala Moana-Kakaako Neighborhood Board. The project team, which includes Honolulu-based FSC Architects, also shared renderings … Read moreHawaii Ocean Plaza condo-hotel coming to Ala Moana-Kakaako area

Judge Raps Quiros In EB-5 Case

A federal judge has issued a scathing ruling against Jay Peak developer Ariel Quiros, agreeing preliminarily with federal regulators that the Miami businessman was the mastermind behind the largest EB-5 fraud case in the country that played out in the mountains of northern Vermont. Judge Darrin P. Gayles, in a ruling handed down on Monday in … Read moreJudge Raps Quiros In EB-5 Case

CanAm Enterprises Announces the 30th EB-5 Partnership Loan Repayment

  More Than One Thousand and Four Hundred Investors Were Fully Repaid to Date CanAm Enterprises LLC (“CanAm”) is pleased to announce that its 30th EB-5 Partnership Loan from the PIDC Regional Center has repaid on November 22nd, 2016. This marks the milestone of 1,423 investor-families fully repaid, further establishing CanAm as one of the leading sponsors of … Read moreCanAm Enterprises Announces the 30th EB-5 Partnership Loan Repayment

Lucky Dragon casino-hotel opens just off Las Vegas Strip

An Asian-themed property catering to Chinese gamblers and guests has become the first new casino-hotel to open in nearly six years along the Las Vegas Strip. The Lucky Dragon Hotel and Casino began operations Saturday, in what officials characterized as a soft opening, ahead of a Dec. 3 grand opening, KSNV-TV reported. With about 200 hotel rooms, … Read moreLucky Dragon casino-hotel opens just off Las Vegas Strip

State releases redacted EB-5 documents vtdigger fights

Bill Stenger, Ariel Quiros and Peter Shumlin at a ribbon cutting. The state of Vermont has released heavily redacted records to VTDigger in response to a request for documents related to the status of the Vermont EB-5 Regional Center and state oversight of EB-5 projects in the Northeast Kingdom that regulators say is part of a “Ponzi-like” scheme. The documents that … Read moreState releases redacted EB-5 documents vtdigger fights

EB-5 will thrive under Trump, experts say

George Pataki and Nick Mastroianni Proponents of the program are confident it will be renewed, though changes are expected The legislative fate of EB-5 may still be up in the air, but champions of the controversial visa program are not worried — they say they have a powerful friend on their side. EB-5 will likely continue … Read moreEB-5 will thrive under Trump, experts say

NES Financial’s Suite of Intelligent EB-5 Solutions Selected by NY EB5 Fund for Redevelopment Project

Purpose-built technology provides a distinctive advantage for EB-5 offering NES Financial announced today that its Intelligent EB-5 Solution Suite has been selected by NY EB5 Fund for their latest real estate project, W 108 Development LLC. Located in the Upper West Side of Manhattan, W 108 Development LLC is converting two five-story townhouses into 11 condominium … Read moreNES Financial’s Suite of Intelligent EB-5 Solutions Selected by NY EB5 Fund for Redevelopment Project

Dermot Company executives threatened with foreclosure on Battery Maritime Building

Developer is facing two suits for defaulting on loans and rent Dermot Company, the developer behind the long-mired redevelopment of the Battery Maritime Building in Lower Manhattan, is facing two lawsuits and threats of foreclosure. The EB-5-focused New York City Regional Center, which provided Dermot with $77 million in loans in 2011, is threatening to foreclose on the … Read moreDermot Company executives threatened with foreclosure on Battery Maritime Building

First step on One Big Sky Center

The proposed One Big Sky Center would include the tallest building in Montana. The Billings City Council approved a pre-development memorandum of understanding with the developers during its Monday meeting. On Monday night, the Billings City Council took the first step toward possible development of a major downtown project. City staff had recommended approval. “Approving the MOU … Read moreFirst step on One Big Sky Center

Lawsuit alleges Palm House part of $50M criminal scheme

Suit says EB-5 investments were ‘pillaged’ for personal use and defendants are using legal system to cover up actions. A lawsuit alleges that the Palm House condominium-hotel is at the center of a vast criminal scheme in which more than 50 foreign investors were defrauded out of $50 million. The suit was filed Monday in federal court … Read moreLawsuit alleges Palm House part of $50M criminal scheme

Leahy Press Ahead EB-5 Reforms Lame Duck Session

U.S. Sen. Patrick Leahy, D-Vt., speaks to a crowd Monday morning at Brattleboro American Legion Post 5. U.S. Sen. Patrick Leahy is again gearing up to push for EB-5 reforms through the upcoming lame duck session of Congress, however, just what a looming Trump presidency will mean to that effort remains unclear. In late September, Congress … Read moreLeahy Press Ahead EB-5 Reforms Lame Duck Session

More investors sue businessman in Vermont fraud case

A group of Chinese investors has filed a lawsuit against a businessman accused of massive fraud involving foreign investors’ money in northern Vermont developments. Each of the 31 investors had contributed $500,000 plus a $50,000 administrative fee for projects at or near Jay Peak ski resort as part of a special visa program. The EB-5 program offers … Read moreMore investors sue businessman in Vermont fraud case

$32.5M lawsuit filed by South Dakota hotel and casino

A company that provided financing for a Deadwood, South Dakota hotel and casino is trying to recover $32.5 million loaned to a group of developers whose company hasn’t paid back the money for the project, according to a civil lawsuit filed this week. The money was provided through South Dakota’s troubled investment-for-visa program. The financing company, which is … Read more$32.5M lawsuit filed by South Dakota hotel and casino

Davies & Associates, LLC prepare for a boost in Indian EB-5 visa applicants post Trump’s victory

Mark I. Davies, Global Chairman of Davies & Associates, LLC said, “Donald Trump’s win in the Presidential Elections will be beneficial for EB-5 visa applicants. Davies & Associates, LLC, the leading US immigrant investor visa firm in India for the EB-5 investor visa program anticipates growth in the number of EB-5 visa applicants from India following the … Read moreDavies & Associates, LLC prepare for a boost in Indian EB-5 visa applicants post Trump’s victory

Initial Analysis and Summary of Goodlatte EB-5 Bill

This article provides an initial analysis and a section-by-section summary of a draft EB-5 reform bill released by U.S. Representative Bob Goodlatte, chair of the House Judiciary Committee. The Goodlatte bill has nine sections and is largely a reprisal of S. 1501, the main Senate EB-5 bill nearly enacted in late 2015. The Goodlatte bill, … Read moreInitial Analysis and Summary of Goodlatte EB-5 Bill