Latest / Real Estate News Today | 2 Min News | The Daily News Now!
O'Hare Hotel in EB-5 Foreclosure Crisis | Real Estate News
A Hyatt La Quinta near O’Hare is teetering on foreclosure after a $25 million construction loan went unpaid in 2022, leaving a $23 million debt tied to the EB-5 visa program. Developer Steven Wang used the 2014 loan to build the hotel, and now a New York attorney-linked LLC seeks a receiver to seize control. Complicating matters, a separate $7 million mortgage remains unpaid, and the hotel’s fate mirrors broader EB-5 failures across Chicago — where other hotels and developments are also facing foreclosure and investor losses, including the once-prized Westin O’Hare, sold for half its original…
The skinny
The skinny isn't ready yet — notes appear once the transcript is processed.