DALLAS, Sept. 12, 2013 /PRNewswire/ -- Civitas Capital Group ("Civitas"), a leading independent specialty asset management and financial services firm with operating divisions focused on Alternative Investments, EB-5 Funds and Wealth Management, is announcing that it has closed on its eighth investment, a $53.5 million senior loan for construction of The Alexan, a 10-story apartment community prominently situated on Goat Hill, which is northwest of downtown Dallas, Texas.
As the exclusive manager of the City of Dallas Regional Center ("CDRC"), Civitas raised capital from over 100 international investors to support the joint venture partners of Behringer Harvard Multifamily REIT I, Inc., the Crow family, and Trammell Crow Residential ("TCR") in the development of the construction project, which began work in mid-August.
The Alexan will offer 365 apartment homes with unit sizes ranging from 436 to 1,865 square feet. Residents will enjoy a 24-hour live/work environment with outstanding amenities including direct access to the Katy Trail, two luxury swimming pools, retail space on the ground floor, abundant outdoor patio space, and many other exciting amenities.
"We are proud to be partnering with Civitas and Behringer Harvard on this unique development site along the Katy and Trinity Strand trails," said Senior Managing Director of TCR Steve Bancroft. "This closing represents the second deal we have closed with Civitas this year and we look forward to more opportunities in the future."
Dallas' Director of Economic Development Karl Zavitkovsky stated, "International investors continue to recognize Dallas as a great place to do business. I'm very pleased with Civitas and this development as it helps to create jobs in our community while keeping the city a vibrant place to work and live."
"The Alexan development is an excellent example of how the EB-5 program enables economic development and job creation in the United States," said Civitas' Managing Director Tina Hou, who led the fundraising effort among foreign investors. "At Civitas, we strive to identify high-quality projects to match with foreign investment. The Alexan is a great example of the type of project that our foreign investors desire – notable sponsors and a premier asset in a great location that will lead to significant job creation."
Civitas' Chief Executive Officer Dan Healy noted, "We seek to invest in the highest caliber developments. We're able to do this because we remain independent through a public-private EB-5 partnership, which we have pioneered with the CDRC. The result is aligned interests between all parties including the citizens of Dallas who will benefit from economic growth, job creation and a high-quality residential development. We're pleased to see this investment move forward and eager to continue replicating this model throughout the state of Texas and across America."
About Civitas Capital Group
Civitas Capital Group ("Civitas") is an independent specialty asset management and financial services firm with operating divisions focused on Alternative Investments, EB-5 Funds and Wealth Management. Civitas evaluates the truth that lies at the core of every investment. We dig deeper, using a rigorous process to evaluate investment opportunities from every angle.
For more information about Civitas, please visit www.civitascapital.com.
About the City of Dallas Regional Center
The City of Dallas Regional Center is the official EB-5 regional center of the City of Dallas. In a unique public-private partnership, the City collaborates with Civitas Capital Group to provide the highest quality EB-5 investment opportunities to investors around the world. The CDRC takes full advantage of the City of Dallas' pro-business culture, steady growth and job creation, all of which have made the City and the surrounding region a magnet for corporate headquarters, business expansion and foreign trade.
About Behringer Harvard Multifamily REIT I, Inc.
Behringer Harvard Multifamily REIT I, Inc. (the "REIT") is a Dallas-based real estate investment trust that invests in, develops and operates high-quality multifamily communities offering location and lifestyle amenities. The REIT invests in stabilized operating properties and properties in various phases of development, with a focus on communities located in the top 50 Metropolitan Statistical Areas of the United States. The REIT's portfolio includes investments in 56 multifamily communities in 14 states comprising 15,759 apartment homes.
About Trammell Crow Residential
Dallas-based Trammell Crow Residential (TCR) is one of America's premier multifamily real estate firms, owning 11,000 apartment units nationwide. More than 5,000 new units are under construction. TCR is the only national full-service multifamily company that has been in business for more than three decades, and has developed more than 225,000 multifamily units in most major markets across the country.
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