Civitas Capital Group has closed a $104 million senior construction loan to finance The Summit, a planned 164-unit Class A multifamily development in downtown Avon, Colorado.
Grand Peaks Development, an affiliate of Grand Peaks, will develop the project in Colorado’s Vail Valley.
The Summit qualifies as a rural Targeted Employment Area under the EB-5 program, allowing qualifying EB-5 investors to participate at an $800,000 investment threshold rather than $1.05 million. Rural projects also receive priority I-526E processing and access to 20% of EB-5 visas reserved for rural investments.
The approximately 1.5-acre development will include 164 apartments consisting of 144 market-rate units and 20 affordable units, along with about 5,000 square feet of commercial space.
The building will rise five to eight stories above two levels of below-grade parking.
Amenities are expected to include a fitness center, game room, hot tubs, outdoor courtyards, large balconies, ski and gear storage and heated underground parking.
The Town of Avon will contribute as much as $11.84 million of public financing.
Construction is scheduled to begin during the third quarter of 2026, with Shaw Construction serving as general contractor.
The Summit is Civitas’ sixth rural EB-5 project in Colorado. Its five previous projects created EB-5 investment opportunities for more than 200 families.
The site is a three-minute walk from Beaver Creek Resort’s Riverfront Express gondola, about 10 minutes by car from Vail and 30 minutes from Eagle County Regional Airport.
Civitas also pointed to workforce housing demand from major employers including Vail Resorts, Vail Health, Eagle County institutions, Sonnenalp Hotel and the Ritz-Carlton.
Grand Peaks has approximately $3 billion of assets under management, more than $1 billion of equity invested and over 11,000 units across 40 active assets.
KEY QUOTES:
“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.”
Jeff Kiser, Managing Director And Head Of EB-5 Investor Relations At Civitas
“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.”
Donald A. Simpson, Executive Of Grand Peaks
