Civitas Secures $104 Million Loan to Develop The Summit Multifamily Community in Colorado's Vail Valley
Civitas Capital Group has secured a $104 million senior construction loan for the development of The Summit, a Class A multifamily community located in downtown Avon, Colorado. The project will include 164 residential units—144 market-rate and 20 affordable—and approximately 5,000 square feet of commercial space on a prime site near Beaver Creek Resort and Avon’s Main Street Pedestrian Mall. The development is part of the rural Targeted Employment Area (TEA) under the EB-5 program, which allows for lower investment thresholds ($800,000 instead of $1.05 million), faster processing times, and access to a reserved visa pool. The Town of Avon has pledged up to $11.84 million in public financing due to local housing shortages. The project is expected to begin construction in Q3 2026 after receiving town council approval earlier that year. Civitas will leverage its experience with five prior rural EB-5 projects in Colorado, and the development aims to address both rental demand from individuals and corporate tenants such as Vail Resorts.
Topics: construction financing EB-5 program multifamily development