“Federal prosecutors are seeking to seize the Islamic Education Center at 2313 S. Voss, just north of Westheimer, as part of a move against the Alavi Foundation, nonprofit organization with suspected ties to the Iranian government: “Faheem Kazimi, chairman of the board of directors of IEC, said tonight that the center leases its building from Alavi Foundation. No other connection exists, he said. . . . The Center’s premises on South Voss is occupied by one of Houston’s largest Shiia mosques and Al-Hadi School of Accelerative Learning, a private Islamic school. . . . The mosque . . . will remain open while the forfeiture case works its way through court in what could be a long process. What will happen to them if the government ultimately prevails is unclear. But the government typically sells properties it has seized through forfeiture, and the proceeds are sometimes distributed to crime victims. There were no raids Thursday as part of the forfeiture action. The government is simply required to post notices of the civil complaint on the property. Prosecutors said the Alavi Foundation, through a front company known as Assa Corp., illegally funneled millions in rental income back to Iran’s state-owned Bank Melli. Bank Melli has been accused by a U.S. Treasury official of providing support for Iran’s nuclear program, and it is illegal in the United States to do business with the bank.” [Houston Chronicle]
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Comment of the Day: Sweet Ass Wilshire Village Park
“Some quick math… 7.68 acres = 334,541 SF. Amegy loan = $10,742,000 = 32.11 PSF. Wedge loan = $3,000,000 = 8.97 PSF. Total loans = $41.08 PSF. It seems to me that the dirt should be worth a lot more than $41 PSF. . . . Amegy doesn’t appear to have a lot of risk of loss in the deal. . . . It’s clear they’ve decided to force the owners hand rather than sit back and let the owners try to sell for max $$$, which ain’t easy in this market. A BK by the owner will only delay the process for so long. Amegy obviously wants their cash back. Even without a foreclosure, it seems that this parcel is going to trade hands soon. Somebody needs to round up some cash real quick and buy this prime piece of dirt and turn it [into a] sweet ass park.” [Bernard, commenting on Surprise! Wilshire Village Facing Foreclosure]