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Apr 17th, 2023

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EB-5 investors fail to post $100 million bond to block foreclosure on giant LA project

Investment giants, the Reuben brothers, are able to pursue a foreclosure on the $2.5 billion Century Plaza development. 900 EB-5 investors have accused the Reubens of altering the capital stack, thus blocking their rights to loan repayment. The investors say they never knew about a mezzanine loan agreement between the developer and the Reubens, but an email shows the investors' lawyers were CC'd about the agreement. The judge in the hearing says this "undercuts the very heart" of the investors' argument.

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