Developer says investors’ lawsuit should be dismisses as they approved additional loans with top repayment priority

  • Posted on April 29, 2020 | Updated on April 29, 2020 | 5 min read

Nicholas Mastroianni II funded his Harbourside Project in Florida with $99.5 million of EB-5 money. Disgruntled investors claim they were told their loans would have first repayment priority. They also claim the developer converted $60 million of their capital to preferred equity and paid a secret $60 million loan to a shell company. Mastroianni says the investors approved a status report and letter describing additional loans with top priority; he says such evidence was part of their Green Card applications.

See our earlier story on the lawsuit