“Receiving USCIS approval for The Scoundrel is a key milestone for our EB-5 platform,” said Adam Greene, Peachtree’s executive vice president for EB-5. “It reflects our commitment to structuring investments that create economic impact, support job growth and deliver value for our investors and the communities we serve.”
Peachtree engaged an independent third party to conduct a jobs study, which found the development is expected to create 842 EB-5–eligible jobs—1.68 times the 500 required under the estimated investment—highlighting the project’s economic impact on the region, the statement said.
Greg Friedman, Peachtree’s managing principal and CEO, said the company’s participation in the EB-5 program reflects its commitment to initiatives that generate momentum across its lending platform.
“We’ve helped institutionalize these investments within a program that drives economic growth and expands opportunities for job-creating immigration,” he said.
Atlanta-based Peachtree is led by Friedman; Jatin Desai, managing principal and CFO and Mitul Patel, principal. The company originated $40 million in floating-rate construction financing over a four-year term for The Scoundrel. The hotel will be on a main commercial corridor in Gatlinburg, next to the Gatlinburg Convention Center, on the northwestern edge of the Great Smoky Mountains National Park, which attracts millions of visitors annually.
This is Peachtree’s fourth hotel development to receive I-956F approval, following SpringHill Suites by Marriott in Bryce Canyon, Utah; Home2 Suites by Hilton in Boone, North Carolina and TownePlace Suites by Marriott in Palmdale, California. Peachtree also received I-956F approval for a loan for a multi-family apartment project in Bradenton, Florida.
The EB-5 visa program allows foreign investors to obtain a green card by investing in a U.S. commercial enterprise that creates jobs, the statement said. Foreign nationals who invest at least $800,000 in a U.S. project that creates or preserves 10 full-time jobs for U.S. workers are eligible to apply for permanent residency.
Peachtree’s hotel development portfolio exceeds $2 billion nationwide despite high interest rates, rising construction costs and tighter credit. Its largest project this year, the eight-story Embassy Suites by Hilton Gulf Shores Beach Resort in Alabama, includes 257 suites overlooking the Gulf Coast.
