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Developer says investors’ lawsuit should be dismissed after approving additional loans with top repayment priority

EB-5 News


Apr 30th, 2020





Jason Buback

Editor of Green Card By Investment

Green Card By Investment


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Nicholas Mastroianni II funded his Harbourside Project in Florida with $99.5 million in EB-5 investments. Disgruntled investors claim they were told their loans would have first repayment priority. Instead, the believe the developer converted $60 million of their capital to preferred equity and then paid a secret $60 million loan to a shell company. Mastroianni counters that 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.

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