DALLAS, Aug. 28, 2026 /PRNewswire/ -- Civitas Capital Group announced the closing of a $104 million senior construction loan to finance The Summit, a 164-unit Class A multifamily community in downtown Avon, Colorado, to be developed by Grand Peaks Development, an affiliate of Grand Peaks.

Located in Eagle County, the project qualifies as a rural Targeted Employment Area (TEA) under the EB-5 program. Rural TEA designation enables EB-5 investors to participate at the reduced $800,000 investment level (versus $1.05 million), receive priority processing of the I-526E petition, and access the 20 percent of EB-5 visas reserved for rural projects, which may allow for faster immigration timelines and avoidance of visa retrogression.

The Summit will deliver 164 residential units, including 144 market-rate units and 20 affordable housing units, along with approximately 5,000 square feet of commercial space on an approximately 1.5-acre site at 130 West Beaver Creek Boulevard. The development will rise five to eight stories over two levels of below-grade parking on one of the last undeveloped parcels in Avon's town center. Residents will have access to a fitness center, a game room, hot tubs, outdoor courtyards, large balconies, dedicated ski-and-gear storage, and an underground heated parking garage, and the ground-floor commercial space along Avon's Main Street Pedestrian Mall. Shaw Construction will serve as general contractor. The project received Avon Town Council approval in March 2026, and construction is scheduled to begin in Q3 2026.

The Town of Avon will contribute up to $11.84 million in public financing, reflecting municipal support for the project.

The Summit is Civitas' sixth rural EB-5 project in Colorado, following Civitas Aspen Fund, Civitas Aspen Fund II, Civitas Aspen Fund III, Civitas Silverthorne, and Civitas Steamboat. Those five rural projects created EB-5 investment opportunities for over 200 families.

The Summit is centrally located in Avon's commercial core with only a three-minute walk to Beaver Creek Resort's Riverfront Express gondola and a two-minute walk to the Avon Station bus stop. It is also a convenient 10-minute drive to Vail and 30-minute drive to Eagle County Regional Airport.

Demand is not limited to individual renters. Major regional employers, including Vail Resorts, Eagle County Schools and Eagle County Government, Vail Health, Sonnenalp Hotel, and the Ritz-Carlton, lease housing directly to recruit and retain staff.

"The Summit is our sixth rural EB-5 project in Colorado," said Jeff Kiser, Managing Director and Head of EB-5 Investor Relations at Civitas. "Eagle County has an acknowledged housing shortage, and rental apartments here have been effectively full for years. This is a rural project in a market where the demand is not theoretical."

"Two things set this transaction apart," said Xavier Valero, Senior Associate, Investments at Civitas. "The first is Grand Peaks, a third-generation multifamily firm with more than 11,000 units under management and two decades of development experience in Colorado. The second is the level of local commitment behind it. The Town of Avon has been directly involved in bringing this project forward, which speaks to how seriously local government treats the housing shortage here and how carefully this site was chosen."

"We chose this site because it puts residents in the heart of everything that makes Avon special," said Donald A. Simpson, Executive of Grand Peaks. "You are steps from the gondola, on the transit line, and right on the pedestrian mall. It is the kind of walkable, connected location you rarely find available for new development in a mountain town, and we felt a responsibility to get it right."

Simpson added: "Working alongside the Town of Avon on the affordable housing units was a priority for us, because a project like this only works if it actually houses the people who make Avon run: the local employees – ski patrollers, hotel staff, teachers. We are also grateful for our partnership with Civitas, whose EB-5 financing will give us the flexibility to deliver both the market-rate units and other components of the project without sacrificing quality."

About Civitas Capital Group

Civitas Capital Group is a leading EB-5 regional center operator and trusted real estate capital partner. Since 2009, Civitas has invested in over 50 real estate development projects with a 100% USCIS approval rate, always anchored by the firm's core values of Focused Creativity, Institutional Stewardship, and Respect & Grace. On behalf of thousands of EB-5 investors and their families, the firm digs deeper to uncover opportunities that others miss, combining decades of underwriting experience with flexible structuring and uncompromising integrity. The result: Civitas is trusted by EB-5 investors and real estate innovators to deliver creative solutions, disciplined execution, and enduring commitment.

About Grand Peaks

Founded in 2003 and headquartered in Denver, Grand Peaks is a third-generation real estate investment firm with a 75-year family legacy in multifamily housing. The firm specializes in the development, acquisition, and asset management of apartment communities in high-growth markets across the United States, with approximately $3 billion in assets under management, more than $1 billion of equity invested, and over 11,000 units across 40 active assets in eight operating markets.

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Learn more at civitascapital.com.

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SOURCE CIVITAS CAPITAL GROUP