DALLAS, June 6, 2024 /PRNewswire/ — Civitas Capital Group, a Dallas-based alternative investment manager offering niche opportunities in U.S. real estate, today announced that its second recent project near Aspen, Colorado, has received Form I-956F approval from the United States Citizenship and Immigration Services (USCIS). An approved Form I-956F is a vital first step to the approval of each EB-5 investor’s I-526E petition.
The EB-5 financing for this project will help finance the construction of Tree Farm Lofts, a 196-unit, Class A multifamily community in Basalt, Colorado, less than a 30-minute drive from Aspen. Basalt sits in the Roaring Fork Valley (RFV), an economic hub in Western Colorado. Roaring Fork Valley is home to high-income residents and world-famous tourist destinations.
The I-956F was submitted on January 29, 2024, and approved on May 29, 2024. The swift adjudication for this rural EB-5 project in just four months is exciting news, as it becomes one of the fastest approved exemplars to date. This fact bodes well for those investors looking to take advantage of rural offerings with the hope of speedy processing times.
The project’s investor acquisition process is complete, with 50 EB-5 investors slated to provide $40 million of financing.
The development qualifies as a “rural” project (also known as a “Targeted Employment Area,” or TEA) under the definition of the USCIS, allowing EB-5 investors the opportunity to obtain access to set-aside visas and priority processing under the EB-5 Reform and Integrity Act of 2022.
The Tree Farm Lofts project follows Civitas’ July 2023 close of its next-door property, Terraces at Tree Farm, a 72-unit Class A active adult community. The developer for both projects is Dallas, Texas-based Realty Capital. The I-956F for that project was approved in just five months, and investor I-526E approvals have come in as fast as 52 days.
Jeff Kiser, Director and Head of EB-5 Investor Relations for Civitas, expressed excitement over the swift approval of the Form I-956F for Tree Farm Lofts and what it could mean for its next rural investors. He remarked, “This quick approval really shows how efficient rural projects and investor petitions can be. Our rural approval times were already significantly faster than pre-RIA expectations, and now it appears to be steadily picking up in speed.”
ABOUT CIVITAS CAPITAL GROUP
Civitas Capital Group is a nimble alternative investment manager offering compelling, niche EB-5 opportunities in U.S. real estate. Civitas exists to create opportunities that enrich our communities, investors, and employees alike. Driven by relentless creativity, Civitas digs deeper to uncover opportunities that others miss. Follow Civitas Capital Group on LinkedIn. Learn more at civitascapital.com.
SOURCE Civitas Capital Group
