US: Real estate investment firm Peachtree Group has received approval from the United States Citizenship and Immigration Services (USCIS) for the development of Home2 Suites Boone, North Carolina.
The EB-5 visa program presents the opportunity for overseas investors to potentially obtain a green card in exchange for a minimum $800,000 investment in a US-based project that creates or preserves at least 10 full-time jobs.
Peachtree originated $21.7 million of fixed-rate construction financing over a five-year term for Narsi Properties to develop the 105-room Home2 Suites by Hilton near downtown Boone. It is expected to be completed by autumn this year.
Adam Greene, EVP EB-5 for Peachtree Group, said: “Construction is underway, demonstrating tangible progress and reducing initial project risks. Importantly, even as we raise EB-5 capital, Peachtree has bridged the loan, offering certainty of execution for the project and is maintaining an equity stake aligned with the same risk level as our EB-5 investors. This commitment ensures our interests are directly tied to the project’s success, reassuring all stakeholders.
“It is a testament to the due diligence of the Peachtree team that it was able to get the project approved so quickly, especially when the published processing time is over 15 months,” he added.
Greg Friedman, Peachtree’s CEO and managing principal, said: “Peachtree Group launched its EB-5 program last year to provide an important financing tool that enables us to continue funding job-creating projects across the country. This hotel development is expected to create roughly 328 jobs.”
