PEACHTREE GROUP RECENTLY received I-956F approval from the U.S. Citizenship and Immigration Services, the agency overseeing the EB-5 Immigrant Investor Program, for developing a Home2 Suites by Hilton in Boone, North Carolina. USCIS adjudicated the I-956F petition for the hotel development in five months, Peachtree said in a statement.
“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,” said Adam Greene, Peachtree’s executive vice president of EB-5.
The company, led by Greg Friedman as CEO and managing principal, Jatin Desai as managing principal and Mitul Patel as principal, originated $21.7 million in fixed-rate construction financing over a five-year term for Narsi Properties to develop the 105-room Home2 Suites near downtown Boone, Peachtree said. Narsi Properties is led by Deven, Neel and Rupal Patel as principals.
Boone is a historic mountain town in western North Carolina close to Appalachian State University and several ski resorts. The hotel is expected to be completed this fall.
“Construction is underway, demonstrating tangible progress and reducing initial project risks,” said Greene. “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 allows foreign investors to potentially obtain a green card by investing in a new commercial enterprise that creates jobs in the U.S, 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 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,” Friedman said. “This hotel development is expected to create roughly 328 jobs.”
Peachtree Group recently promoted 15 senior-level executives in its investment and investment services department to bolster strategic business initiatives.
