B Group Capital Management submitted a $102 million stalking horse bid for nearly 20 acres in Miami’s Upper Eastside and El Portal that are tied to a lawsuit alleging *EB-5 fraud.

The Miami-based real estate investment firm seeks to acquire the former U.S. immigration building site spanning 3.5 acres at 7880 Biscayne Boulevard, and a 15.9-acre former trailer park at 8500 Biscayne Boulevard.

Both properties are now controlled by a court-appointed receiver, following a settlement agreement approved last month with the previous owners, Florida Fullview Immigration Building and several affiliates.

*The EB-5 visa program, which grants foreign investors and their immediate family members permanent U.S. residency if they invest in real estate projects or businesses that create a minimum of 10 full-time jobs, has been a source of rampant fraud for more than a decade.

(source: therealdeal.com, source: commercialobserver.com)