An EB-5 summary from Bloomberg, " Times Square Development Draws New Wave of Foreign Investment," misses some key questions

"TSX Broadway, a $2.5B project...has attracted $100M+" from #EB5 investors, "according2 a person familiar w/the matter"
But ?able marketing to "redeploy" $ from #NassauColiseum & #AtlanticYardshttps://t.co/JRGsTCxxzxhttps://t.co/6ziMYMV6nr @markets @natalexisw @pat_clark 2/2

— Norman Oder (@AYReport) December 17, 2020

So today Bloomberg reported Times Square Development Draws New Wave of Foreign Investment, which begins:

Times Square hasn’t lost its cachet with foreign investors.

TSX Broadway, a $2.5 billion mixed-use project in the heart of Manhattan, has attracted more than $100 million in the past week from foreign investors who back real estate developments in return for U.S. visas, according to a person familiar with the matter.

The new capital comes after developers of the project at 1568 Broadway, which includes retail space, a hotel and an elevated stage for live events, modified their loan documents with senior lender Goldman Sachs Group Inc. to allow for an additional $250 million in EB-5 loans, according to a Manhattan court filing last week.

“The project continues to elicit excitement from investors," one partner said, but Bloomberg couldn't get any details. (The Real Deal's rewrite, "EB-5 is still A-OK, it seems.")

Questions, questions

Well, I submit, that's highly questionable. We can't be sure the money came from, or exclusively from, the EB-5 investors in either the Nassau Coliseum project or the Atlantic Yards project, since it's possible that the middleman, U.S. Immigration Fund, was trying to engineer redeployment from other projects, as well.

But that marketing, as I reported, was highly questionable. It's questionable that a project once described as fully capitalized needs the money. And it's questionable how exactly the "redeployment" was accomplished, since there's no public record of those investors being paid back.