Investment Summary

Civitas Lucille, LP (the “Fund”), will provide a $33.6MM senior loan to finance a 240-unit, garden-style multifamily community project, The Lucille, in Fredericksburg, Texas (the “Project”).

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The principals of the developer, Parkspring Multifamily, have developed and acquired over 31,000 units totaling more than $3.2 billion in capitalization nationwide, with institutional capital partners including Ares, The Carlyle Group, and Fortress.¹

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The Project is fully entitled and shovel-ready, with sponsor equity fully committed.

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_{1. Developer information was provided by Parkspring Multifamily and JLL and has not been verified by Civitas. While Civitas believes the sources to be reliable, Civitas makes no representation or warranty, express or implied, regarding the accuracy, completeness or use of the information.}

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Target Key Terms and Capital Structure

Asset Type

Multifamily Development

Total Capitalization

$50.9MM

Senior Loan

$33.6MM | 66% LTC

Number of Investors

42²

Estimated Job Creation

636.9²

Visa Category

Rural

Senior Loan Term

4 + 1 year term

Exit Strategies

Refinance or sale after stabilization

2. Job creation estimates are calculated by an independent, third-party econometric consultant (Baker Tilly) using the IMPLAN model – an input-output modeling tool used to measure the economic and employment impacts of development projects across regional economies. IMPLAN is one of the modeling tools recognized by U.S. Citizenship and Immigration Services (USCIS) for use in EB-5 job creation analysis. There is no guarantee that job creation projections will be achieved.

Opportunity Highlights

Fredericksburg: Supply-Constrained Growth Market

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67% of the local workforce commutes in daily due to critical housing shortage. Existing properties sit at 94% occupancy.³

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Experienced Developer with Proven Multifamily Track Record

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Parkspring Multifamily’s principals have developed 31,000+ units and $3.2B+ nationwide with Ares, The Carlyle Group, and Fortress.⁴

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Credible Loan Coverage at Conservative LTC

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$33.6MM first-lien senior loan at 66% LTC, with first priority in repayment. Other measures to reduce risk includes completion guaranty (Parkspring principals); I-526E denial guaranty⁵; and first priority lien on property.

3. JLL Investment Memorandum, 2025. 4. Developer information was provided by Parkspring Multifamily and JLL and has not been verified by Civitas. While Civitas believes the sources to be reliable, Civitas makes no representation or warranty, express or implied, regarding the accuracy, completeness or use of the information. 5. Subject to certain exceptions and conditions, including the investor's exhaustion of all administrative appeals with respect to the I-526E denial.

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Press Release

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

Read More

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Civitas Closes Fourth Financing with Realty Capital Family of Companies

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project location

Fredericksburg, Texas

Texas Key Stats^6-10

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Texas is home to the 8th-largest economy in the world and has been ranked the No. 1 state for business for 23 consecutive years. With no state income tax and the highest possible credit rating from all four major agencies, Texas led the nation in job creation and exports in 2025.

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$2.9T GDP, 8th-largest economy in the world, ahead of Canada, Russia, and Italy
No. 1 State for Business, 23 consecutive years
No. 1 in U.S. job creation, 132K new jobs added in 2025, more than any other state
No. 1 U.S. exporting state for 23 years straight; $454B in 2024
AAA credit rating, the highest possible, affirmed by all four major agencies
0% state income tax, one of 9 states with no personal income tax

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_{6. businessintexas.com. 7. chiefexecutive.net, Best and Worst States for Business. 8. gov.texas.gov, Texas Leads Nation For 2025 Job Gains. 9. comptroller.texas.gov, Texas Comptroller of Public Accounts. 10. taxfoundation.org, 2026 Texas Tax Rates, Collections, and Burdens.}

Fredericksburg, Texas

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No. 1 Best Place to Retire in Texas¹¹
No.1 Most Charming Small Town in Texas¹²
Home to 75+ wineries on the Texas Wine Road, drawing 3MM+ annual visitors as a top U.S. culinary destination^13,14‍
A thriving Hill Country community along the Texas Wine Country corridor (Highway 290)^15,16, ~83 miles west of Austin and ~69 miles northwest of San Antonio.
Gillespie County's 50.7 median age and 7.6% population growth from 2010 to 2020 reflect strong retiree and remote worker migration.^17,18
Award-winning dining, breweries, live music, boutique hotels, galleries, and the National Museum of the Pacific War fuel year-round tourism^13,15
~$107K Average household income exceeds both San Antonio and Houston average¹⁹‍
$173MM Annual visitors spending in 2025²⁰‍
$490K Median home sale price up 9.1% year-over-year²¹
2.9% Unemployment rate compared to 4.3% of national average^22,23

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_{11. HomeSnacks, 2026; homesnacks.com. 12. Reader's Digest, August 2024; rd.com. 13. Visit Fredericksburg CVB, 2024; visitfredericksburgtx.com. 14. Texas Wine Lover, May 17, 2025; txwinelover.com. 15. Fredericksburg CVB, 2025. 16. Austin to Fredericksburg Shuttles, January 2026; austintofredericksburgshuttles.com. 17. Data USA, Gillespie County, TX. 18. U.S. Census Bureau, 2010 & 2020 Decennial Census, Gillespie County, TX; census.gov. 19. Point2Homes, Fredericksburg TX Demographics 2024; point2homes.com. 20. Fredericksburg CVB / Dean Runyan Associates, April 2026; visitfredericksburgtx.com. 21. Redfin, May 2026; redfin.com. 22. Unemployment Rate in Fredericksburg, TX, April 2026, fred.stlouisfed.org. 23. The Employment Situation, May 2026, U.S. Bureau of Labor Statistics. Image Source: Fredericksburg Downton, Revelibrary, Wikimedia, CC BY-SA 4.0}

The Lucille Project Site

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The Lucille is a Class A, three-story garden-style multifamily community in Fredericksburg, Texas, consisting of 240 market-rate units (156 one-bedroom, 84 two-bedroom) across eight residential buildings, a leasing clubhouse, and an accessory gym building off the clubhouse (ten buildings in total) totaling 206,328 net rentable square feet on 14.3 acres.

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The Fund will provide a $33.6MM senior construction loan to finance vertical construction of all eight residential buildings plus the leasing clubhouse and accessory gym. The Project is fully entitled and shovel-ready, with all permits prepared to be submitted and sponsor equity fully committed. The Lucille is located adjacent to the future Waldorf Astoria Texas Hill Country (2028 delivery)²⁴, providing a powerful luxury halo effect for the project and the broader submarket.

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_{24. hotelbusiness.com, "Waldorf Astoria Texas Hill Country Project Moving Forward," Hotel Business, May 8, 2026.}

Project Renderings

No items found.

25. Renderings are subject to change.

Job Creation

636.9

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expected jobs to be created^26,27

420

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total jobs required²⁷

152%

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of job requirement expected to be satisfied²⁷

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26. Job creation estimates are calculated by an independent, third-party econometric consultant (Baker Tilly) using the IMPLAN model – an input-output modeling tool used to measure the economic and employment impacts of development projects across regional economies. IMPLAN is one of the modeling tools recognized by U.S. Citizenship and Immigration Services (USCIS) for use in EB-5 job creation analysis. There is no guarantee that job creation projections will be achieved. 27. Calculated based on 42 investors, or $33.6MM in EB-5 investments. This document is provided on a confidential basis and does not constitute an offer or recommendation to sell, or solicitation of an offer to buy, any securities, investment products, or investment advisory services. Such an offer may only be made to qualified investors via delivery of a formal confidential private placement memorandum or equivalent materials that describe the material terms. This information is intended exclusively for the use of the recipient and is not to be reproduced or redistributed to any other person without the prior consent of Civitas Capital Group.

A Trusted EB-5 Investment Firm

EB-5 is our business. More than 1,700 EB-5 investors from 50 countries have trusted Civitas with their EB-5 journey since 2009. Our investors have deployed nearly $950 million in EB-5 capital with Civitas in projects valued at over $3.3 billion. To date, we have returned more than $480 million to eligible investors.

Our team guides investors through the EB-5 process with an emphasis on meeting program requirements, disciplined underwriting, and capital preservation.

$480MM+

Returned to eligible EB-5 investors

1,700+

EB-5 investors served globally

50+

EB-5 funds successfully raised

50+

Relationships with investors in 50+ countries

1,200+

I-526 / I-526E approvals

100%

I-829 approval rate on adjudicated petitions

Past performance does not guarantee future results.

Data as of December 31, 2025. The 100% USCIS approval rate for Civitas-affiliated I-829 petitions referenced herein refers to petitions which USCIS has fully adjudicated as of the date hereof, and accordingly does not include petitions which:(i) have not yet been adjudicated;(ii) were voluntarily withdrawn or abandoned by the petitioner; or(iii) are in any stage of appeal from an initial adjudication.The success of Civitas-affiliated petitions adjudicated to date does not guarantee success in future cases. Founder and Chief Executive Officer Dan Healy serves on the IIUSA Board of Directors, but is not a judge. Co-Founder and Managing Director Rafael Anchia and Managing Director, Legal & Head of Investor Experience Mine Ekim both serve on the IIUSA Public Policy Committee.