Source: Instagram/therealdeal
Have you heard of Shaya Prager and his mega real estate projects? Shaya Prager is famous for buying properties around the US where he has taken great risk. His deals often involve millions of dollars, but things do not always go as intended. Some of his projects recently had big funding issues and now are under foreclosure. In this article, we will look at Shaya Prager, his projects, and why some of them went belly up.
Shaya Prager is a real estate investor based out of Lakewood, New Jersey. He did his yeshiva studies at the Mir Yerushalayim in Jerusalem, the largest yeshiva in the world.
Prior to venturing into real estate, he had a landscaping and property management company, Cutting Edge Preservation, as well as a medical waste company, Med Waste Management.
Specific details about his birth date, parents, and early life are not publicly available.
In 2012, Shaya Prager established Opal Holdings, thus opening his entrance to the real estate industry. He owns part of the company and exercises a varying degree of control, ranging from purchasing and selling to management.
Prager took an investment opportunity during the COVID-19 pandemic, when most people were cautious. Opal Holdings purchased approximately $2 billion in office buildings from 2020 to 2022, most of which were in suburban Chicago and other cities located in the Midwest. This unparalleled investment exemplified the confidence Prager had in these markets during a time when other people were apprehensive.
Prager makes extensive use of creative financing techniques and ground leasing when trying to consummate complicated deals. Because of this, Opal Holdings has been able to grow quickly and establish itself as one of the leading premier real estate companies in the industry.
As a result of his bold investment decisions, Shaya Prager was able to create a massive real estate portfolio in a very short amount of time.
Shaya Prager has encountered several legal issues related to his property investments. These challenges primarily involve allegations of financial misconduct and defaults on significant loans.
In 2024, Pinnacle Bank accused Prager of misleading them to secure an $83 million loan for Burnett Plaza, a prominent building in Fort Worth, Texas.
Prager allegedly created two companies, Burnett Plaza Holdings and Burnett Cherry Street, presenting them as separate entities. However, both were reportedly under his control.
This structure allowed him to obtain multiple loans on the same property, exceeding its actual value. Pinnacle Bank claims they were deceived into believing the companies were independent, leading to their lawsuit against Prager for fraud.
Throughout 2024, Prager and his firm, Opal Holdings, faced at least 17 lawsuits across seven states. These lawsuits stem from defaults on hundreds of millions of dollars in office mortgages.
Many of these properties were acquired during a rapid expansion between 2020 and 2022. The legal actions include foreclosure proceedings and claims of unpaid debts to contractors and service providers.
After facing numerous legal challenges, Shaya Prager’s real estate ventures experienced significant setbacks.
In 2024, Prager’s company, Opal Holdings, faced at least 17 lawsuits across seven states due to defaults on office mortgages totaling hundreds of millions of dollars. Many of these properties, acquired during a rapid expansion between 2020 and 2022, underwent foreclosure.
For instance, Burnett Plaza in Fort Worth, Texas, was foreclosed upon after Prager defaulted on an $83 million loan. Pinnacle Bank, the lender, accused Prager of fraud, alleging he misrepresented ownership structures to secure financing.
The property was auctioned in May 2024, with Pinnacle acquiring it through a credit bid.
Lenders and financial institutions have been proactive in addressing the issues arising from Prager’s business practices. Pinnacle Bank, for example, accused Prager of engaging in a “string-along fraud,” leading them to continue servicing loans under false pretenses, which resulted in financial harm.
In another case, Wells Fargo alleged that Prager was diverting funds from property accounts for personal use, further complicating the financial stability of his holdings. These allegations have prompted legal actions aimed at recovering losses and preventing further financial misconduct.
As of early 2025, many of these legal proceedings remain ongoing, with courts working to resolve the complex web of financial disputes surrounding Prager and his real estate empire.
Shaya Prager faced big troubles after risky real estate deals went wrong. Many of his buildings ended up in foreclosure. Now, lenders are trying to fix the problems he left behind. Only time will tell what’s next for Shaya Prager.
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