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Jun 22nd, 2023

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Washington waterfront EB-5 project put in receivership

A court has appointed a receiver for six properties affiliated with the developer of Point Ruston, a residential, retail, and office development in Tacoma, Washington, after a lender sued to collect $73.8 million in debt. The foreclosures began in April, and sales are scheduled for August and September. However, the sales will not occur if the debt is repaid by July 24. One of the lenders, a regional center, is seeking to recover $80 million 132 EB-5 investors sank $66 million into the 97-acre project in 2013 and were recently awarded $11.5 million in interest by arbitration.

Puget Sound Business Journal (subscription required)

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