Civitas Capital Group, a Dallas-based alternative investment manager offering niche opportunities in U.S. real estate, has closed a $150-million senior loan to finance the 210-room hotel, Hale Malana, a Curio Collection by Hilton Hotels & Resorts, in Kauai, HI.
The development is classified as “rural” under USCIS’s definition of such projects, a designation highly desired by many potential EB-5 investors.
Civitas is providing the senior loan to Silverwest Hawaii Holdings, an established joint venture backed by affiliates of Silverwest Hotels, Blackstone Strategic Partners Real Estate VII and a Goldman Sachs affiliate.
The I-956F for the project was filed in April 2024. Civitas’ previous two rural projects were approved in roughly four months and five months, with I-526E approvals coming in as fast as 52 days.
Situated on approximately 8.5 acres, within a master‐planned, 450‐acre oceanfront luxury resort community, Hale Malana will include a three‐meal restaurant, the pro shop for the 18‐hole Jack Nicklaus Ocean Course at Hokuala, an outdoor pool, 2,000 sq. ft. of interior meeting space along with outdoor venues and a fitness center.
“We are thrilled to be able to provide this financing on this spectacular resort development,” said Austin Khan, managing director, investments, Civitas. “Hale Malana is just one part of an ongoing master-planned development, and we were delighted we could contribute financing.”
The resort is in Lihue on the island of Kauai, the oldest of the main islands and a tropical vacation gem known for its seclusion and lush landscapes. The island has seen lodging market performance surpass pre-pandemic levels in 2023, the year it was named the best Hawaiian Island by Travel & Leisure magazine.
This will be Hilton’s second branded hotel on the island.
“I am incredibly proud to be able to introduce what we believe is a high-quality rural EB-5 project to the market,” said Jeff Kiser, director, EB-5 investor relations, Civitas. “On top of priority immigration processing, our EB-5 investors will benefit from the top-notch sponsorship, an internationally recognized brand in a premier hospitality destination and the security of a first lien. Civitas believes it’s a wonderful opportunity for EB-5 investors.”
The sponsor is prepared to break ground in Q3 2024 and complete construction in Q3 2026.
