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EB-5 investors on way to own the Nassau Coliseum lease, but not operate it directly

New talks in Nassau about control of Coliseum lease, Newsday reported yesterday:
Nassau Executive Laura Curran said Tuesday that negotiations between the county, Mikhail Prokhorov’s Onexim Sports & Entertainment and Prokhorov’s lender would allow Onexim “to exit from Coliseum operations and the Nassau Hub redevelopment.”
That lender is the regional center U.S. Immigration Fund, which packaged a $100 million loan from 200 Chinese investors seeking green cards under the EB-5 program. As I wrote, the Chinese investors won't operate the arena but instead make some kind of deal, which might not get them their money back.

Though Curran said the lender would “step into the shoes of” Prokhorov’s Onexim, the U.S. Immigration Fund wouldn't respond to Newsday's queries. The next operator might be Oak View, which will be operating the future Belmont arena.Note that the typical EB-5 investment is $500,000 per family. Each investment is aimed to get green cards for not just the investor or other family members.


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