Civitas Closes $33.6 Million Senior Loan for 240-Unit Class A Multifamily Community in Rural Texas

DALLAS, Aug. 5, 2026 /PRNewswire/ -- Civitas Capital Group announced the closing of a $33.6 million senior construction loan to finance The Lucille, a 240-unit Class A garden-style multifamily community in Fredericksburg, Texas, to be developed by Parkspring Multifamily.

Located in Gillespie 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 Lucille will deliver 240 market-rate units (156 one-bedroom and 84 two-bedroom) totaling over 200,000 square feet across eight three-story residential buildings on a 14.3-acre site. The community will include a leasing clubhouse with a resort-style pool, a golf simulator, a co-working space, an upscale clubroom, and a BBQ and grill area, along with a separate fitness center. The senior loan will finance vertical construction of the residential buildings, the leasing clubhouse, and the fitness center. Austin-based OHT Partners will serve as general contractor on The Lucille.

The project is zoned for multifamily use by right within the City of Fredericksburg's C-2 commercial district and requires no rezoning, conditional use permit, or variance. The project's site plan received City approval in January 2026.

Fredericksburg sits 78 miles west of Austin and 70 miles northwest of San Antonio, in a market where 67 percent of the local workforce commutes in from the surrounding areas, largely due to constrained housing supply. No new units have been delivered since late 2024, and no units are currently under construction. Construction on The Lucille is scheduled to begin Q3 2026.

"Since 2009, Civitas has anchored much of its EB-5 track record in Texas multifamily, and The Lucille fits squarely within that focus," said Jeff Kiser, Managing Director and Head of EB-5 Investor Relations at Civitas. "It is a residential project in our home state, in an asset class and location we know well, and our EB-5 investors hold the senior position in the capital stack. That is the kind of familiarity and structure our investors like to see."

Kiser added: "The EB-5 market is experiencing very high demand from investors who wish to file their I-526E petitions in 2026. A qualified rural project is exactly what those investors are looking for, and we are glad to be able to bring it to them."

"Two things drew us to The Lucille," said Chandler Kyser, Director of Investments at Civitas. "The first is Parkspring, a Texas-based developer with the depth and institutional execution history to deliver a project like this. The second is the market itself: the site is zoned by right with site plan approval, we are aware of no other multifamily under construction or proposed in Fredericksburg, and what little new product has been delivered here was absorbed quickly. Demand for quality exists and nothing is being built to meet it. Together, they give us confidence in the business plan."

"Fredericksburg has a clear need for additional high-quality rental housing," said Geoffrey Simpson, Founder & Partner at Parkspring Multifamily. "With 67 percent of the local workforce commuting in from the surrounding areas and no multifamily units currently under construction, The Lucille will address a real supply gap with 240 market-rate units. Our team's record of developing and acquiring over 31,000 units positions us to deliver a community built for the long-term needs of Fredericksburg and the Texas Hill Country."

Simpson added: "Civitas Capital Group understood the market and our business plan from the outset. Civitas' deep experience in Texas multifamily and EB-5 financing resulted in a senior loan structure aligned with the project's needs. We value the partnership and the confidence Civitas and its EB-5 investors have placed in Parkspring and The Lucille."

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 Parkspring Multifamily

Parkspring Multifamily is a Houston- and Austin-based real estate investment and development firm specializing in Class A multifamily communities, operating across the full investment lifecycle from site selection and entitlements through construction and long-term asset management. Founded by Geoffrey Simpson and Matthew Stewart, each with more than 25 years of multifamily experience, the firm has developed and acquired over 31,000 units representing more than $3.2 billion in total capitalization nationwide, executing alongside institutional capital partners including Ares, The Carlyle Group, and Fortress.

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SOURCE CIVITAS CAPITAL GROUP