Civitas Capital Secures $33.6 Million Loan for Fredericksburg Housing
With sixty-seven percent of the local workforce commuting into Fredericksburg, Texas, due to a severe housing shortage, Civitas Capital Group has closed a $33.6 million senior construction loan to fund The Lucille. The 240-unit Class A development aims to alleviate the town's persistent lack of new multifamily inventory.
The project, spearheaded by developer Parkspring Multifamily, consists of eight three-story buildings spread across a 14.3-acre site. The development features 156 one-bedroom and 84 two-bedroom units, complemented by amenities including a resort-style pool, co-working spaces, and a golf simulator. Construction is slated to begin in the third quarter of 2026, with OHT Partners serving as the general contractor.
Because the site is located in a rural Targeted Employment Area, the project qualifies for the EB-5 visa program at a reduced $800,000 investment threshold. This designation allows investors to access priority processing and a reserved visa set-aside, a factor Jeff Kiser of Civitas noted is driving high demand among current I-526E petitioners. The Lucille is already fully entitled, having received city approval for its site plan in January 2026 with no further rezoning requirements. Parkspring founder Geoffrey Simpson emphasized that the project addresses a critical supply gap, as no other multifamily units are currently under construction in the region.
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