"When Donald Trump took office this year, he promised ruthless governmental efficiency. But an investor tied to a Chelsea condo project is claiming in a lawsuit filed against Department of Homeland Security Secretary Kristi Noem and the United States Citizenship and Immigration Services office that it can hardly get an email back. The lawsuit was filed by an entity raising EB-5 funds for Legion Investment Group and AVRS Partners' 83-unit luxury development at 550 West 21st Street."
"The regional center, which is responsible for sponsoring job-creating projects into which EB-5 investors can participate, filed an I-965F application with USCIS on July 3, which has been pending for over three months, according to the lawsuit. The goal of the project was to raise anywhere from $60 million to $80 million in EB-5 funding, which would be converted into mezzanine debt that would help fully fund the over $320 million project, according to the I-965F application filed in court."
An investor entity raising EB-5 funds for an 83-unit luxury development at 550 West 21st Street filed a lawsuit naming DHS Secretary Kristi Noem, USCIS and the USCIS-designated regional center. The regional center submitted an I-965F application to USCIS on July 3, which has been pending for more than three months. The project aimed to raise $60 million to $80 million in EB-5 capital to be converted into mezzanine debt to help fund the greater than $320 million development. Investor petitions require USCIS approval of the I-965F before submission, and current delays are undermining investor confidence.
Read at therealdeal.com
Unable to calculate read time
Collection
[
|
...
]