EB-5 investment immigrants at risk, a project in South Florida is facing a foreclosure
Las Olas Ocean Resort, which is being built by the sea in Fort Lauderdale, South Florida, faces a foreclosure sale with 60 Chinese EB-5 investment immigrants.
Bancorp Bank, which provided a loan of $ 50 million to the construction project in 2013, filed a lawsuit with the United States District Court on January 25, 2018, demanding the recovery of the foreclosure for the project as the project currently owes the bank nearly 3 Thousands of millions of dollars in loans, while December 2017 owners (550 Seabreeze Development LLC and JAWOF 515 Seabreeze LLC) did not pay for the month.
Bancorp also demanded that other people take over the construction management of the hotel because of the current incompetent and poorly managed hotel management, resulting in a serious delay and overrun of the project. The bank also warned that the current hotel contractor Straticon is likely to suspend construction and leave because it did not receive the due dues. Contractor Straticon has placed a $ 5 million property disposal right on the hotel.
According to the bank's petitions, the chief developers of the project are Raymond Parello, Ken Bernstein, Eugene Kessler, and Jack Kessler. Among them, Ken Bernstein is an immigration lawyer. His American Life Investments, LLC investment firm is listed on the US Immigration Planning Board's Investment Immigration Regional Center listing (code 1031910192). Several years ago, he raised 30 million U.S. dollars (500,000 U.S. dollars each) from 60 Chinese immigrants under the project name. The failure of the construction project is likely to affect these investment immigrants.
Subscribe for News
This website is for informational purposes only and does not constitute an offer or solicitation to sell shares or securities. Any such offer or solicitation will be made only by means of an investment's confidential Offering Memorandum and in accordance with the terms of all applicable securities and other laws. This website does not constitute or form part of, and should not be construed as, any offer for sale or subscription of, or any invitation to offer to buy or subscribe for, any securities, nor should it or any part of it form the basis of, or be relied on in any connection with, any contract or commitment whatsoever. EB5Projects.com LLC and its affiliates expressly disclaim any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from: (i) reliance on any information contained in the website, (ii) any error, omission or inaccuracy in any such information or (iii) any action resulting therefrom.