More Civitas EB-5 Investors Receive Permanent Residency and Return of Capital
2011 Investment Helped Catalyze Economic Development in Southern Dallas Submarket
Civitas EB-5 Capital ("Civitas") is pleased to announce that nine (9) investor families in Civitas Zang Triangle Fund, LP, have received unconditional permanent United States residency through the City of Dallas Regional Center ("CDRC") and full repayment of their investment. The CDRC is a public-private partnership between the City of Dallas Office of Economic Development and Civitas.
Civitas Zang Triangle Fund, LP invested $8 million to partially finance the construction of Zang Triangle, a 260-unit apartment complex located one mile south of downtown Dallas.
"Zang Triangle was the first significant apartment project in North Oak Cliff since 1999," said Karl Zavitkovsky, Director of Economic Development for the City of Dallas. "The project has been a driver for additional investment in the area while meeting affordability requirements that will help keep the neighborhood accessible for a wide range of the workers filling the jobs that Dallas is creating. "
"Timing and location were key to the success of this project," said Gabriel Hidalgo, Managing Director and Head of Investments for Civitas. "In 2011, our investment team identified an opportunity to structure a creative EB-5 loan that would both mitigate risk for our investors and jumpstart an emerging submarket. I'm very pleased our investment thesis was confirmed and proud that our EB-5 investors have had such a positive experience."
Each EB-5 investor has two objectives: creating U.S. jobs in order to become a U.S. permanent resident, and earning a financial return on the capital investment. The I-829 petition is the final step in the EB-5 process, in which each investor must prove that all EB-5 program requirements, including the required job creation, have been met. Once the I-829 is approved, the investor's conditional residency restriction is lifted. The CDRC is among less than five percent of approved EB-5 Regional Centers nationwide that have achieved unconditional permanent residency for their investors.
"One of our key goals at Civitas is to help investor families complete the immigration process and receive a return on their investment," says Tina Hou, Managing Director of Civitas. "We know that our investors place a tremendous amount of trust in Civitas, and we take that very seriously. As families begin to build new lives in the United States, we extend our sincere wishes for happiness and prosperity, and we look forward to helping our more than 1,000 investor families enjoy similar success."
About Civitas Capital Group
The Civitas Capital Group family of companies provides a range of products and services for institutional investors, family offices and qualified individuals. The firm offers U.S. lodging and real estate investment strategies through its Alternative Investments division, while the EB-5 Capital division serves foreign investors seeking permanent U.S. residency in return for investing in a U.S. business that creates jobs for American workers.
About City of Dallas Regional Center
The City of Dallas Regional Center (CDRC) offers job-creating investment opportunities of the highest quality to foreign nationals seeking legal U.S. residency through the EB-5 Regional Center Program. The City of Dallas owns the CDRC, which is managed through an innovative public-private partnership with Civitas EB-5 Capital, a professional investment management firm. The CDRC has attracted more than $350 million in foreign direct investment for a range of job-creating investments in Dallas.
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