June 10, 2019
Good News About EB-5 and Carolyn Lee PLLC Clients
We are pleased and proud to share some significant EB-5 news to kick off your week.
Successful Navigation of Material Change
CanAm recently repaid its investors on its 38th EB-5 project, a $12 million loan used to fund redevelopment of the Makaha West Golf Course in Hawaii.
Repaying investors is great news enough. Here, the successful repayment is all the sweeter for CanAm’s labor getting investors there. The LP was initially formed to help fund a solar panel business in Hawaii. Changed business conditions resulted in a change in borrower. EB-5 funds were ultimately used to redevelop the Makaha West Golf Course, meeting all the requirements for removal of conditions for all EB-5 investors – job creation and investment sustainment.
This great result is the fruit of careful analysis and utmost due diligence to protect investors’ I-829s, removal of conditions. CanAm and investors have reason to savor this win.
Congratulations, CanAm and Makaha investors!
Successful Lawsuit by EB-5 Investors
A lawsuit in South Dakota by EB-5 investors to collect on a defaulted $32.5 million EB-5 loan is winding down to a close for investors. The Deadwood Mountain Grand casino and hotel principals have agreed to settle with investors after a protracted three-year legal battle.
Attorney Carolyn Lee acted as the EB-5 expert in this complex case within a team of outstanding litigators.
Congratulations to the investors and the hard-working advising team!