Peachtree Group has received I-956F approval from U.S. Citizenship and Immigration Services for the development of a 116-room Homewood Suites by Hilton in Sugar Mountain, N.C. Peachtree originated a $28-million senior secured construction loan to fund the project through its EB-5 investment platform.
The project is Peachtree’s sixth EB-5 financing, bringing total capitalization across the platform to more than $177 million. The development qualifies as both a Rural and High Unemployment Targeted Employment Area and is expected to generate approximately 538 eligible EB-5 jobs.
Adam Greene, EVP of EB-5 at Peachtree, said: “We are pleased that USCIS gave the project a fast approval in under four months. Peachtree’s EB-5 projects are small, simple, secured senior loans which best serve developers and EB-5 investors. Peachtree’s approach to EB-5 allows investors to move forward with projects that are fundamentally sound and underway, promote the public policy goals of the EB-5 program, and give developers certainty that their projects are fully funded.”
Located at the base of Sugar Mountain, the hotel is positioned to draw demand from Sugar Mountain Ski Resort, one mile away; Lees-McRae College; Beech Mountain Ski Resort; Grandfather Mountain State Park; and Appalachian State University. The area also supports a year-round calendar of events and festivals.
Greene added: “Hospitality continues to stand out as a sector where new supply remains limited relative to demand, particularly in high-barrier-to-entry leisure markets. As capital markets reset and financing becomes more selective, we are focused on opportunities where we can structure capital solutions that not only meet today’s constraints but also position assets for long-term outperformance.”
Upon completion, the Homewood Suites is expected to be the newest hotel in its competitive set. The property will offer an extended-stay product targeting leisure and business travelers.
Peachtree launched its EB-5 program in 2023 to support job-creating developments across the U.S.that