Peachtree Group secures financing for North Carolina Home2 Suites

Peachtree Group has received its I-956F approval from the United States Citizenship and Immigration Services, the government agency that oversees the EB-5 Immigrant Investor Program, for the development of a Home2 Suites by Hilton in Boone, N.C.

USCIS adjudicated the I-956F petition for the hotel development in five months.

"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," Adam Greene, EVP EB-5 for Peachtree Group, said in a statement.

Peachtree originated $21.7 million of fixed-rate construction financing over a five-year term for Narsi Properties to develop a 105-room Home2 Suites by Hilton near downtown Boone. The town is close to Appalachian State University and numerous other demand generators, including three ski resorts. The hotel is expected to be completed by the end of the year.

"Construction is underway, demonstrating tangible progress and reducing initial project risks,” Greene said. “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.”

The EB-5 visa program lets foreign investors potentially obtain a green card in exchange for making a significant investment in a new commercial enterprise that creates jobs in the U.S. Under the program, foreign nationals who invest a minimum of $800,000 in a U.S.-based project that creates or preserves at least 10 full-time jobs for U.S. workers are eligible to apply for permanent residency in the U.S.

"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," said Greg Friedman, Peachtree's CEO and managing principal. "This hotel development is expected to create roughly 328 jobs."

https://www.hotelmanagement.net/financing/peachtree-group-secures-financing-north-carolina-home2-suites