A Chicago businessman allegedly enticed hundreds of Chinese investors hoping for U.S. residency to pump $160 million into a sham hotel project by manipulating a U.S. visa program, keeping millions in fees for himself, according to an indictment handed down in Illinois federal court.
The SBE Entertainment Group LLC-backed SLS Las Vegas won its final gambling license approvals from Nevada regulators on Thursday, paving the way for the $415 million casino redevelopment project's Saturday opening.
American Life Inc., a developer that uses the federal EB-5 program — which gives foreigners visas in exchange for project investment — sued rival EB-5 United LLC in Washington federal court Monday, alleging the competitor falsely advertised that it was involved in developing one of ALI's hotel projects.
With its booming real estate market and cash-rich but connection-poor investors, both locally and from Latin America and Europe, South Florida could become one of the hottest real estate crowdfunding markets in the coming years, experts say.
The laws governing condo-hotel projects are vague and imprecise — a cobbling of old U.S. Securities and Exchange Commission releases and no-action letters that have caused uncertainty and have provided a platform for buyers to sue developers, says Rick Kirkbride of Paul Hastings LLP.
Magnum Real Estate's Ben Shaoul has reportedly secured $71 million for a dormitory construction project, while Flipkart is said to be eyeing a massive lease in Bangalore and the New York Wheel has reportedly received $150 million in EB-5 funding.
More banks are eyeing the prospect of providing financing for EB-5 projects, which allow foreigners to invest as little as $500,000 in exchange for a green card, as the special visa program gains traction among developers.
Chicago law firm Arnstein & Lehr LLP said Monday that it has nabbed a securities, private equity, and mergers and acquisitions pro to join its corporate transactions and counseling practice as a partner.
Hotel developers working on controversial or unglamorous projects have found the federal EB-5 program — which gives foreigners visas in exchange for project investment — to be a useful tool to cover cost gaps, even in the face of a flourishing debt market, experts say.
Jeffer Mangels Butler & Mitchell LLP said Friday it picked up a former Manatt Phelps & Phillips LLP pro with experience raising capital for real estate, hospitality, technology and telecommunication companies, manufacturing facilities and Internet distribution centers.
The EB-5 immigration program that allows foreign investors to make equity commitments in real estate developments in exchange for visas has grown in popularity for retail and mixed-use projects, but experts say the complex requirements can limit the types of deals that benefit from it.
April was a busy month for the real estate industry's top brass, with major moves at the top of some of the biggest firms, including GE Capital Real Estate, Swig Equities LLC and Cushman & Wakefield.
David J. Perkins has swiftly become a key member of the real estate practice at Cravath Swaine & Moore LLP, handling deals worth hundreds of millions of dollars for major clients such as Westbrook Partners, O'Connor Capital Partners and The Dermot Co., and earning him recognition as one of Law360's top real estate attorneys under 40.
Morrison & Foerster LLP’s Mark Edelstein oversaw Union Bank NA’s $3.7 billion purchase of a commercial real estate lending portfolio and used creative financing deals to launch or revive projects that are reshaping the New York City skyline, making him one of Law360’s 2013 MVPs.
Watchdog group Cause of Action asked the U.S. House Committee on Oversight and Government Reform on Monday to investigate Forest City Enterprises Inc.'s use of the EB-5 visa program at its various New York projects, claiming the developer enticed foreign investors by misrepresenting the risks.
As developers increasingly use overseas investments made through the EB-5 immigration program for projects of all stripes, experts say there is still a significant amount of confusion about the program's unique and often-changing rules.
A Texas county panel on Tuesday voted to set a $193.9 million proposal to redevelop the Astrodome into a convention center on the review path of several county offices and departments — a key milestone that paves the way for a potential approval.
The U.S. Securities and Exchange Commission’s recent shutdown of a hotel investment scheme tied to the EB-5 immigration program has sent shockwaves through foreign investors, particularly in China, and could threaten the viability of new real estate developments, attorneys say.
A real estate attorney who has developed a subspecialty in advising real estate investment trusts on their transactional and investment matters has joined Greenberg Traurig LLP as a shareholder in Chicago, the firm said Tuesday.
With President Barack Obama gearing up to press Congress for swift action on a comprehensive immigration reform bill, attorneys said employers should get involved in the debate to ensure that key business immigration issues, such as retaining skilled foreign workers, don't get overshadowed by disputes over immigration enforcement.