Civitas EB-5 Capital Finances Luxury Hotel In Huntington Beach, California
Civitas Capital Group announces the closing of a $14.5 million loan to partially finance the construction of the Pasea Hotel & Spa, a 250-room luxury hotel development in Huntington Beach, CA. Civitas Huntington Beach Hotel Fund LP, an official EB-5 investment fund sponsored by Civitas EB-5 Capital, is funding the loan.
Established by Congress in 1990 to stimulate the U.S. economy through job creation and capital investment by foreign investors, the EB-5 Program has more recently become a popular source of financing for hotel development.
"Civitas had the experience and track record we look for in an EB-5 capital provider," said Tim Busch, CEO of Pacific Hospitality Group. "We chose to rely on their expertise with structuring investments that comply with USCIS requirements, not to mention their ability to raise the funds on time, and we were not disappointed."
The new Pasea Hotel & Spa will be integrated with the 191,000-square-foot Pacific City retail and entertainment center, also under development across from the famous Huntington Beach Pier. The hotel developer is Pacific Hospitality Group and R.D. Olson Development. General contractor for the project is R.D. Olson Construction. The project is scheduled for completion in early 2016.
"We are delighted to be working with Pacific Hospitality Group and R.D. Olson Development on the Pasea Hotel & Spa," said David Perel, President and Chief Investment Officer of Civitas Capital Group. "EB-5 capital is an excellent source of funding for hotel development, and Civitas is highly experienced and well-positioned to facilitate the success of these types of projects. We'd like to thank Michael DiPrima at Hodges Ward Elliott for introducing the opportunity."
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