Civitas Files I-956F to Approve San Diego Equity Fund Project in California

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Aug 06, 2024, 12:05 ET

DALLAS, Aug. 6, 2024 /PRNewswire/ -- Civitas Capital Group, a Dallas-based alternative investment manager offering niche opportunities in U.S. real estate, today announced that it has filed for I-956F approval from the United States Citizenship and Immigration Services (USCIS) for an EB-5 project in San Diego, California. 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 capital for this project will partially finance the development of a 76-unit, Class A multifamily community in the North Park neighborhood of San Diego. North Park has one of the densest populations of 25- to 34-year-olds in San Diego, has a plethora of walkable amenities, and has easy access to downtown and San Diego's largest employment nodes. The total EB-5 investment size is $14.4 million, accommodating 18 investors. The project is hoping to return capital to investors in Q4 of 2027.

"We are extremely excited to bring this deal to the San Diego market," said Jorge Adler, Director of Investments for Civitas and the lead on the project. "San Diego is a supply-constrained market with what Civitas believes are very positive long-term demand drivers. We are particularly excited about delivering this project in one of the most desirable submarkets of San Diego at a time when few other properties are scheduled to open. It's a win for the community, and a win for Civitas."

Structured as an equity offering, the project stands in contrast to most EB-5 offerings currently found in the market, which are often structured as debt with low upside.

Because of this, Jeff Kiser, Director and Head of EB-5 Investor Relations for Civitas, says he expects this project to stand out. "Most EB-5 investment opportunities in today's market demand that investors lock in substantial funds for five years or longer," Kiser says. "In contrast, Civitas believes the San Diego project presents a distinctive opportunity for investors within the EB-5 sector."

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