Mastroianni’s regional center sues EB-5 project lender in effort to stop Manhattan project foreclosure

Three affiliates of regional center U.S. Immigration Fund (USIF) are suing the mezzanine lender of a Manhattan church-conversion project. The lawsuit argues that the lender cannot foreclose as it wrongfully obtained interest in the property. The foreclosure would wipe out the developer’s $60 million investment in the project. U.S. Immigration Fund is led by developer Nicholas Mastroianni, who has been the subject of multiple EB-5 investor lawsuits.The Real Deal article (subscription required)