Ex-White House aide, partner on trial for immigration fraud

Retired Air Force Col. Timothy Milbrath, who served as a military aide to 3 presidents, and his partner, William “Bart” Hungerford, are charged with fraud. A former White House military aide and his business partner are on trial in federal court, accused of pocketing millions of dollars intended for creating jobs in New Orleans after Hurricane Katrina. … Read moreEx-White House aide, partner on trial for immigration fraud

Oakland businessman, partners indicted in alleged $110 million cash-for-visas fraud

Tom Henderson addresses the crowd gathered at Callsocket for a grand opening on Monday, November 4, 2013. Henderson was charged Tuesday with defrauding over 200 foreign investors of $110 million under a controversial federal cash-for-visas program. Oakland businessman Tom Henderson, a former owner of the landmark Tribune Tower, was indicted Tuesday on charges of defrauding over … Read moreOakland businessman, partners indicted in alleged $110 million cash-for-visas fraud

Program that includes NY Wheel EB-5 investors touts strong track record

CanAm — an EB-5 immigrant investor program administered by U.S Citizenship and Immigration Services — announced that its 2,500 investor families, who are involved with 38 projects, earned a total capital repayment of $1.25 billion as of Dec. 31, 2018. CanAm provides qualified foreign investors with the opportunity to earn “conditional” or temporary two-year visas in return for … Read moreProgram that includes NY Wheel EB-5 investors touts strong track record

FBI releases heavily redacted file on EB-5 subject Richard Benda

Most information whited-out but some interesting tidbits revealed The FBI recently released its heavily redacted file on the EB-5 scandal subject Richard Benda. Some of the documents have previously been released. Benda, a former South Dakota cabinet secretary for the Department of Tourism and Development in the Mike Rounds administration, allegedly committed suicide while hunting near Lake … Read moreFBI releases heavily redacted file on EB-5 subject Richard Benda

Issues faced by Hotel Indigo resort in Coachella are not unusual

Coachella is betting Hotel Indigo will bring tourists, taxes, and jobs. But first, the hotel has to weather construction delays.  The delay in opening is primarily attributable to the project expanding in size and doubling in cost. We expanded from 250 to 300 rooms, increased the size of each room 20%, added a restaurant, and doubled the … Read moreIssues faced by Hotel Indigo resort in Coachella are not unusual

Financially troubled Hotel Astor in Miami Beach listed for sale

The ground lessee completed $9M in renovations in 2014 using EB-5 money from Brazil, China, and Venezuela The financially troubled and now-closed Hotel Astor is on the market for $12 million. The 42-room, three-story hotel at 956 Washington Avenue was renovated in 2014 using $9 million raised from EB-5 investors. It closed nearly a year ago after the ground … Read moreFinancially troubled Hotel Astor in Miami Beach listed for sale

Fed Up With Immigration Backlog, Lawyers Head to the Courts

An immigration services official stamps U.S. citizenship applications at a U.S. Citizenship and Immigration Services office. Litigation seen as only choice in wake of lengthy delays Agency says it’s using office realignment, hiring to clear backlog Attorneys are turning to the courts to unclog a massive immigration application backlog that’s resulted in processing delays lasting up to … Read moreFed Up With Immigration Backlog, Lawyers Head to the Courts

USCIS EB-5 Engagement 9/9

From: U.S. Citizenship and Immigration Services <uscis@public.govdelivery.com> Sent: August 9, 2019 10:58 AM Subject: USCIS: UPDATED – EB-5 Immigrant Investor Program: Listening Session, Monday, September 9, 2019 Dear Stakeholder, U.S. Citizenship and Immigration Services (USCIS) invites you to participate in a public listening session on Monday, September 9, 2019, from 2 to 3 p.m. Eastern to discuss the Immigrant Investor Program, … Read moreUSCIS EB-5 Engagement 9/9

Receiver has deal for Quiros’ lot that new owner would turn into dog park

Ariel Quiros is shown arriving at federal court in Burlington May 22 for his arraignment on charges pertaining to the EB-5 fraud case.  Another property that belonged to the indicted former owner of Jay Peak is about to be sold, this time a vacant lot in town that was damaged by Tropical Storm Irene in 2011 … Read moreReceiver has deal for Quiros’ lot that new owner would turn into dog park

EB5 investors set to fund Coachella venture

George Washington Immigration Group aims to provide $65 million in EB-5 financing for Glenroy Coachella LLC. The funds will be used to finance a portion of the costs of constructing Indigo Coachella, a full-service Indigo Hotel, a brand under the InterContinental Hotel Group umbrella. The resort is projected to open in “We are excited to work with … Read moreEB5 investors set to fund Coachella venture

Visa, Revised: Why EB-5 Is Getting Pricier and Harder to Use in Big Cities

In the wake of the Great Recession, the EB-5 program — often referred to as “cash for visas” — became an easy source of financing for real estate developers who found themselves unable to borrow money from traditional lenders. But new rules released by the federal government last month may make it much harder for … Read moreVisa, Revised: Why EB-5 Is Getting Pricier and Harder to Use in Big Cities

Grassley: Changes to investor visa program are win for rural America

President Trump just issued new rules that got little attention from the mainstream media but stand to bring fresh economic opportunity to America’s rural and disadvantaged communities. It’s another example of ways, big and small, that the president is going to bat for the forgotten heartland and taking the country back from the swampy beltway … Read moreGrassley: Changes to investor visa program are win for rural America

Business Plans and RFE Response

Do responses to Requests for Evidence need business plans? What if the RFE for an I-526 petition includes this dread sentence “Upon reviewing the business plan, USCIS finds that the evidence in the record does not establish that the business plan is Matter of Ho compliant.” Should the RFE response submit an updated/revised business plan, or take another strategy? … Read moreBusiness Plans and RFE Response

DHS’s Final EB-5 Regulations: What Stakeholders Need to Know

The Department of Homeland Security (DHS) has published final regulations that change some of the key features of the EB-5 Program, which takes approximately 10,000 green cards available each year for qualifying investors and their family members. When the final rule takes effect on November 21, 2019, the regulations will create broad, sweeping changes to … Read moreDHS’s Final EB-5 Regulations: What Stakeholders Need to Know

Attorney for EB-5 investors gets OK to depose key Jay Peak insider

A federal judge will allow an attorney for a group of EB-5 investors to question a whistleblower about what he knows about an alleged “kickback” scheme involving attorneys who brought foreign investors and their money to Jay Peak projects. Judge Christina Reiss said Thursday in federal court in Burlington that she would partially grant a … Read moreAttorney for EB-5 investors gets OK to depose key Jay Peak insider

BH3 Buys $195M Loan on Distressed NYC Skyscraper

125 Greenwich in December 2018.  The real estate investment firm has taken over the defaulted mortgage on 125 Greenwich St., an 88-story luxury condo tower in Manhattan’s Financial District that topped out earlier this year. Real estate investment firm BH3 has taken over a $195 million non-performing loan on 125 Greenwich St., an 88-story luxury condo … Read moreBH3 Buys $195M Loan on Distressed NYC Skyscraper

Smaller NY Wheel plan ‘more than just talk’

“It’s more than just talk,” sources have told the Advance regarding a plan to build a smaller NY Wheel on the city-owned St. George site where the original project was slated to be built. In May, the Advance reported that investors in the ill-fated New York Wheel project were trying to partner with a large corporation to build … Read moreSmaller NY Wheel plan ‘more than just talk’

Successful Repayment of $27M to EB-5 Investors in New Commercial Enterprise Managed by A&J Capital, Inc.

A&J Capital, Inc. (A&J), financial services & advisory firm specializing in EB-5, private equity, and investment management, today announced its latest milestone of repaying $27 million of capital to EB-5 investors for one of its managed new commercial enterprises (NCE). A&J serves as a manager of the NCE and oversees its day-to-day activities, including the … Read moreSuccessful Repayment of $27M to EB-5 Investors in New Commercial Enterprise Managed by A&J Capital, Inc.

USCIS Publishes EB-5 Modernization Rule: The Impact on the EB-5 Program

On July 24, 2019, U.S. Citizenship and Immigration Services (USCIS), the immigration-benefits component of the Department of Homeland Security (DHS), published a final regulation on “EB-5 Immigrant Investor Program Modernization” (the “Rule”) to reform the EB-5 program in the Federal Register. Absent successful court challenges, or the passage by Congress of EB-5 legislation, the Rule will … Read moreUSCIS Publishes EB-5 Modernization Rule: The Impact on the EB-5 Program

It’s Your Last Chance To Immigrate To The USA With A $500 000 Minimum Investment

The minimum investment is set to increase to $900,000.00 and $1.8m on November 21, 2019, for those looking to immigrate to the USA. Now’s the time if you want to take advantage of the lower minimum investment price. It’s undeniable that more South Africans are taking advantage of the EB-5 (employment-based, fifth preference) immigrant investor … Read moreIt’s Your Last Chance To Immigrate To The USA With A $500 000 Minimum Investment

Hotel Indigo Coachella Developers Looking to EB-5 for Construction Debt

A RENDERING OF INDIGO COACHELLA. COURTESY: GEORGE WASHINGTON IMMIGRATION GROUP Glenroy Coachella LLC, the development partnership that is constructing the HotelIndigo Coachella resort near the site of the Coachella Valley Music and Arts Festival, is looking to the EB-5 market for $65 million in construction debt to help complete the project, Commercial Observer can exclusively report.  Source: https://commercialobserver.com/2019/07/hotel-indigo-coachella-developers-looking-to-eb-5-for-construction-debt/ Read more by clicking below … Read moreHotel Indigo Coachella Developers Looking to EB-5 for Construction Debt

Higher Investment Requirements and Stricter Regional Centre Rules Coming as DHS Approves New EB-5 Visa Rules

The Department of Homeland Security (DHS) has published the final rules modifying the US EB-5 visa program. The initial Notice of Proposed Rule making (NPRM) was first published in the Federal Register on January 13, 2017.  The changes will take effect from November 21, 2019, and will see the most important changes to the EB-5 visa program in nearly 30 years.  Source: https://www.investmentimmigration.com/higher-investment-requirements-and-stricter-regional-centre-rules-coming-as-dhs-approves-new-eb-5-visa-rules/ Read more by clicking below image    Please follow and like us:

Foreign investors seeking green cards to pay far more under new EB-5 visa rule

Senate Judiciary Committee Chairman Chuck Grassley of Iowa chairs a meeting of the committee, Friday, Sept. 28, 2018, on Capitol Hill in Washington.  A U.S. visa that awards green cards to foreign investors will require a much larger investment under new rules released today and slated to take effect Nov. 21. Foreign citizens are already contacting immigration … Read moreForeign investors seeking green cards to pay far more under new EB-5 visa rule

Big changes are coming to the EB-5 program

President Donald Trump Regulations raise minimum investments for most NYC projects from $500K to $900K; limit gerrymandering The Trump administration released new rules governing the EB-5 cash-for-visas program. And many in the real estate industry believe the changes will tighten the spigot on a source of cheap capital that’s partly fueled the post-recession development boom. … Read moreBig changes are coming to the EB-5 program

Federal Appeals Court Rejects Fraud Suit Against Green Car Company

Chinese investors lose bid to recover millions poured into failed electric car company after Fourth Circuit US Court of Appeals ruling. A failed “green” car company run by the former governor of Virginia will not be held accountable for untrue statements made to lure Chinese investors. The Fourth Circuit US Court of Appeals in a … Read moreFederal Appeals Court Rejects Fraud Suit Against Green Car Company

20 Kenyans Express Interest in $500,000 US EB-5 Visa

At least 20 Kenyans are in the process of acquiring US Employment-Based Visa, popularly known as EB-5 Visa, US-based private equity company has divulged. Atlantic American Partners through its Managing Director Daniel Ryan said it received applications worth more than Sh1 billion from the group of Kenyans who are seeking to migrate to the US, … Read more20 Kenyans Express Interest in $500,000 US EB-5 Visa

Lightstone Lands $70M in EB-5 Funding for Manhattan Hotel

On track for a September opening, the property is the third Moxy-brand hotel in Manhattan developed by Lightstone in partnership with Marriott. Lightstone has raised $70 million for the development of Marriott Moxy East Village, a 286-key hotel project in Manhattan, in its sixth round of EB-5 investment funding. The third Moxy project of the Lightstone-Marriott partnership in New York City … Read moreLightstone Lands $70M in EB-5 Funding for Manhattan Hotel

Lam Group Grabs $68M Refi on FiDi Hotel

A Lower Manhattan hotel has locked in a $67.5 million refinancing from Investors Bank, New York City property records show. In a deal that closed earlier this week, Lam Group, led by investor John Lam, refinanced the outstanding debt on its Four Points by Sheraton New York Downtown, which opened in February 2016. The new deal includes $1.3 million … Read moreLam Group Grabs $68M Refi on FiDi Hotel

Chinese investment in US homes contracts by the most in nearly 10 years as trade war, capital controls bite

A prospective buyer browses property listings in New York. ? Chinese buyers pulled away from the US residential market in the past year, as the trade war and tighter capital controls led to a 56 percent decline in investment – the biggest contraction since at least 2010, according to the US National Association of Realtors. Source:  https://sg.news.yahoo.com/chinese-investment-us-homes-contracts-081351570.html … Read moreChinese investment in US homes contracts by the most in nearly 10 years as trade war, capital controls bite

Chinese are big customers for schemes selling foreign residency

Tang Shougang is one of a generation of young Chinese who seem to have it all. Aged just 35, Mr. Tang (not his real name) has a well-paid job for a tech firm, and his wife owns a successful shop. They have two young sons, two cars and an apartment in downtown Shanghai worth a fortune. … Read moreChinese are big customers for schemes selling foreign residency

Nearly completed Le Jardin condo project files for bankruptcy

Verzasca Group president & co-founder Darius Kasparaitis and Le Jardin Residences Le Jardin had $27.5M in assets and $7.1M in liabilities, according to its filing Verzasca Group’s Le Jardin Residences boutique condo project in Bay Harbor Islands is nearly complete with the majority of units presold. Source: https://therealdeal.com/miami/2019/07/16/nearly-complete-le-jardin-condo-project-files-for-bankruptcy/ Read more by clicking below image      Please follow … Read moreNearly completed Le Jardin condo project files for bankruptcy

Manhattan Condo Slump Starting to Imperil City Developers

The developers of a downtown Manhattan luxury condo building known as 125 Greenwich are in default, according to papers filed by one of its lenders.  High-rise developers in Manhattan are coming under stress as tough market conditions are starting to undermine some of the city’s most prominent luxury condo projects. The market is struggling with a glut … Read moreManhattan Condo Slump Starting to Imperil City Developers

Real Estate Developers’ Plea to Trump: Don’t Roll Out New EB-5 Regulation

Right now, New York real estate developers are hoping a former (and likely future) New York City real estate developer, President Donald Trump, will back off from pushing a regulation that will harm job growth and infrastructure investment in New York City. The Trump administration is very close to rolling out a new regulation that will … Read moreReal Estate Developers’ Plea to Trump: Don’t Roll Out New EB-5 Regulation

EB-5 US Investor Green Card Program: Important update

Alarm bells are ringing within the US EB-5 Investor Visa community in the United States and around the world. The current EB-5 investment Green card program started in 1990 ends on September 30, 2019, but has been extended many times. Dianne Stewart According to Dianne Stewart, President of Pathway USA, leading concierge relocation consultants with a trustworthy … Read moreEB-5 US Investor Green Card Program: Important update

CanAm Enterprises Announces its 56th EB-5 Project Loan Closing: Westin Hotel at Texas Medical Center

The EB-5 industry leader, CanAm Enterprises, has funded another EB-5 project through its Texas Regional Center. CanAm Enterprises (“CanAm”) is thrilled to announce that it has closed its 56th EB-5 loan, valued at $23 million. The proceeds will help finance the renovation of an existing 19-story historic and iconic building located directly adjacent to the Texas Medical Center … Read moreCanAm Enterprises Announces its 56th EB-5 Project Loan Closing: Westin Hotel at Texas Medical Center

Exclusive: Palm Beach mansion lost by developer in bankruptcy sells for $30.275M

Mortgage-holder sells the former home of Robert V. Matthews to the couple who just sold a Palm Beach mansion for more than $40 million. As developer Robert V. Matthews awaits sentencing on felony conspiracy and money-laundering charges in Connecticut, the Palm Beach seaside mansion he completed in 2006 has changed hands for a recorded $30.275 million. The … Read moreExclusive: Palm Beach mansion lost by developer in bankruptcy sells for $30.275M

Mastroianni’s Harbourside Place settles with Jupiter over code violations

Nick Mastroianni and Harbourside Place Jupiter was previously seeking $300,000 in fines from the complex for holding events without permits Nick Mastroianni’s Harbourside Place and Jupiter have reached a settlement of over 20 unpaid code violations. Source: https://therealdeal.com/miami/2019/07/11/mastroiannis-harbourside-place-settles-with-jupiter-over-code-violations/ Read more by clicking below image    Please follow and like us:

EB-5-funded hotel in Miami Beach seeks to terminate mortgage

The owner of Hotel Astor, at 956 Washington Ave. in Miami Beach, filed Chapter 11 to stay an eviction lawsuit. EB-5-funded hotel in Miami Beach seeks to terminate mortgage The owner of the now-closed Hotel Astor in Miami Beach is seeking to terminate a $4.5 million mortgage. Source: https://www.bizjournals.com/southflorida/news/2019/07/11/hotel-astor-miami-beach-seeks-to-cancel-mortgage.html Read more by clicking below image    Please … Read moreEB-5-funded hotel in Miami Beach seeks to terminate mortgage

Silverstein in Negotiations to Step in at 125 Greenwich Street

125 GREENWICH STREET.  The ownership partnership at 125 Greenwich Street is in the midst of negotiating a few potential resolutions for the beleaguered residential condominium building with Silverstein Capital Partners (SCP), Commercial Observer has learned.  Time is ticking, with a Uniform Commercial Code (UCC) foreclosure auction scheduled for mid-August that was initiated this week by the project’s mezzanine lender, United … Read moreSilverstein in Negotiations to Step in at 125 Greenwich Street

Penn-Florida scores $225M construction loan for Mandarin Oriental condos in Boca

Madison Realty Capital CEO Josh Zegen, Penn-Florida Companies CEO Mark Gensheimer, and the Mandarin Oriental in Boca Raton The loan is in addition to nearly $400M in financing the developer secured in 2017 Penn-Florida Companies secured a $225 million construction loan for The Residences at Mandarin Oriental in Boca Raton from Madison Realty Capital. Source: https://therealdeal.com/miami/2019/07/10/penn-florida-scores-225m-construction-loan-for-mandarin-oriental-condos-in-boca/ … Read morePenn-Florida scores $225M construction loan for Mandarin Oriental condos in Boca