The company, Greenland USA, has defaulted on nearly $350 million worth of loans. Its lender, U.S. Immigration Fund, which raised money through the cash-for-visas EB-5 scheme, has moved to foreclose on the site. An auction is scheduled for Jan. 11 of next year, several media outlets reported.
In an earlier Real Deal article, a Greenland spokesperson hinted that the discontinuation of the state's 421a program, which gave developers tax exemptions in return for building affordable housing, might cause problems down the road.
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