Siena Valley Club (Preferred Equity): A Compelling Rural EB-5 Project

Siena Valley Club is an ongoing master-planned, all-season resort community in the Vail Valley. Located in Gypsum, Colorado, the club is just 35 miles from two top ski resorts: Vail and Beaver Creek.

The project offers 160 luxury single-family homes and an 18-hole Robert Trent Jones Jr. championship golf course. Planned updates include renovations to an existing lake house and a creek-side “cast-off” cabin. Residents and guests will have access to nine lakes, a fitness center, trails for hiking and horse riding, a park, a ski club, and a “moto” program with trails for off-road vehicles.

In this article, we discuss why Siena Valley Club’s features make it one of the most compelling rural EB-5 projects available today.

Overview of the Siena Valley Club EB-5 Preferred Equity Project

Preferred Equity Structure With a 4.0% Annual Return: The Siena Valley Club EB-5 investment is set up as preferred equity. This structure provides EB-5 investors with an above-market 4.0% annual preferred return.

Short Target Investment Period of 4 to 5 Years: The expected duration of this investment is four to five years. This time frame aligns well with the USCIS sustainment period requirements.

Rural TEA Designation: The project is in a rural targeted employment area (TEA). By investing in a rural TEA project, EB-5 investors are able to invest at the lower minimum amount of $800,000 instead of the non-tea amount of $1,050,000. They also receive priority I-526E petition processing and gain access to rural set-aside visas, which make up 20% of all EB-5 visas.

Prime Location: The project is situated in the Vail Valley in Colorado. The site is within a 10-minute drive from Eagle County Airport and near premier ski resorts such as Beaver Creek and Vail.

Protected Land: The developer has already acquired 1,341 acres of land, with another 468 acres under contract. More than 60% of the property is surrounded by protected lands that will not be developed. These protected lands will help preserve the area’s natural beauty and contribute to the community’s long-term value and exclusivity.

Significant Job Creation: Development of Siena Valley Club has already led to the creation of more than 200 jobs for EB-5 investors as of December 2024. The project is expected to create a total of more than 6,000 jobs, well above the amount required for each EB-5 investor.

Experienced Developer: The project is being developed by Josiah Jennings and Daniel Conard, the managing members of Oak Quarry Management, LLC. They oversee all key decisions for the project and its partners.

Independent EB-5 Oversight: EB5AN controls the project’s regional center sponsor and the general partner of the EB-5 fund. EB5AN is 100% independent from the developer. Independent EB-5 project oversight helps prevent conflicts of interest between the developer and those involved in the EB-5 investment, which reduces the risk for EB-5 investors.

Construction Completion Guaranty: The developer has provided a guaranty that it will substantially complete the project on time.

I-526E Approval Refund Guaranty: If USCIS denies an EB-5 investor’s Form I-526E petition, the project will repay that investor’s $800,000 more quickly.

Job Creation Guaranty: The developer has provided a guaranty that all EB-5 funds will be spent on qualifying EB-5 costs.

Third-Party Fund Administration: Proxy Fund Services (PRXY) will serve as the project’s third-party fund administrator. Third-party fund administration is important for EB-5 compliance and adds a layer of security and transparency for EB-5 investors. PRXY’s proprietary platform tracks and records all EB-5 draws and project expenditures throughout the project lifecycle.

With these features, Siena Valley Club is a best-in-class rural EB-5 project that stands out in the market today. Below is a more detailed discussion of these top features.

Understanding Financial Risk for EB-5 Investors

EB-5 investors must make at-risk investments to qualify for their Green Cards. Under EB-5 program rules, for an investment to be considered “at risk,” the full $800,000 must be subject to gain or loss. This at-risk requirement means that no EB-5 investment can be entirely risk free.

While the EB-5 program does require some risk, the level of risk to EB-5 investors does not have to be high. Unfortunately, many EB-5 projects available today are riskier than they have to be. Even worse, many EB-5 investors do not even know how risky these projects are.

Most EB-5 projects lack basic financial protections, increasing the risk of loss for EB-5 investors. To make informed investment choices, investors must understand the risks associated with an EB-5 investment and with the project they choose. When EB-5 investors invest in projects with more financial risk, they are more likely to lose their funds and have their immigrant petitions denied by USCIS.

To avoid riskier projects, EB-5 investors must do their own research, including by evaluating the track record of both the developer and the regional center sponsor. Even though the EB-5 program requires projects to transparently disclose risks, most EB-5 regional centers and projects do not see transparency as a fundamental EB-5 investor right. As a result, many in the industry share the least information possible—and only when required to do so.

Each EB-5 project has its own risk profile. EB-5 investors should conduct careful research before they invest and weigh the risks before making decisions. By understanding the risks and asking good questions, EB-5 investors can make informed decisions in line with their financial and immigration goals.

Understanding the EB-5 Rural TEA Designation

What Is a Rural TEA?

A TEA is an area that either is rural or has a high unemployment rate. A rural TEA is an area that is outside of a metropolitan statistical area and outside of a city with a population of 20,000 or more.

Benefits of Choosing a Project in a Rural TEA

EB-5 projects in rural TEAs offer EB-5 investors several key benefits.

Reduced Investment Amount: The standard amount for an EB-5 investment is $1,050,000. Investments in TEA projects, however, qualify at a lower investment threshold of $800,000.

Access to Set-Aside EB-5 Visas: Investing in a rural TEA project qualifies EB-5 investors for set-aside EB-5 visas. Under the EB-5 Reform and Integrity Act of 2022, 32% of all annual EB-5 visas are reserved. Of these, 20% are reserved for rural TEA investors. Set-aside visas are not currently affected by backlogs (known as visa retrogression), which is a key issue for investors from countries with high demand for EB-5 visas like China and India. Without visa backlogs, rural EB-5 investors often experience shorter wait times and can immigrate to the United States more quickly compared to those seeking unreserved visas.

Priority Processing for Form I-526E: EB-5 investors in rural TEA projects qualify for priority processing of Form I-526E. This means USCIS processes the I-526E petitions of rural EB-5 investors ahead of others. As a result, many rural EB-5 investors have their petitions processed in months rather than years.

Evaluating Rural EB-5 Projects

Potential EB-5 investors should thoroughly research projects before they invest. Even basic due diligence can help investors avoid risky projects. Research is one of the most important ways for EB-5 investors to improve the likelihood that they will be repaid and obtain their Green Cards.

One key item to look for is how much money the developer has invested in the project. A developer that has invested nothing has nothing to lose and is not as motivated to succeed. The less developer equity in a project, the more risk EB-5 investors face.

Some projects have developer equity but plan to use EB-5 funds to replace this equity. When this is the case, the developer is passing its risk on to the EB-5 investors. Projects that allow developer equity to be replaced with EB-5 funds should generally be avoided.

As part of their research, EB-5 investors should also look at the regional center sponsors. Projects tied to trusted regional centers are much less risky. Such regional centers are led by professionals who have extensive experience, strong track records, and a deep knowledge of the EB-5 program’s rules. And importantly, regional centers should be independent from developers to avoid conflicts of interest.

The EB-5 Reform and Integrity Act of 2022 added new rules for reporting and compliance. Because USCIS has not yet provided guidance on all of these changes, EB-5 investors should look for projects sponsored by regional centers that have experience navigating changes to the EB-5 program. EB-5 investors face higher risk when they invest in projects sponsored by inexperienced or poorly managed regional centers, as these sponsors may not be able to respond quickly to any changes in the program.

Siena Valley Club Is a Best-in-Class Rural EB-5 Project

Siena Valley Club is a compelling rural EB-5 project. It has a host of best-in-class features that limit the risks faced by EB-5 investors. Construction has begun, and many jobs have already been created, meaning investors have less to worry about when it comes to creating the required number of jobs. EB-5 investors also enjoy an above-market return, a shorter investment period, and rural TEA benefits. Combined, these features make Siena Valley Club one of the highest-quality, lowest-risk rural EB-5 projects on the market.

Above-Market 4.0% Annual Preferred Return

Siena Valley Club offers EB-5 investors an annual preferred return of 4.0%. This return is much higher than most rural EB-5 investments in the current market.

Short Target Investment Period of 4 to 5 Years

The length of the preferred equity investment is expected to be four to five years. This period is an ideal length to both meet USCIS’s sustainment period requirements and get repaid more quickly.

Rural TEA Designation

The project’s TEA status allows EB-5 investors to invest $800,000 instead of $1,050,000. And since it is a rural TEA project, its investors qualify for faster Form I-526E processing and access to the 20% rural set-aside visa category.

Significant EB-5 Job Creation

A key EB-5 program requirement is that each EB-5 investment must create at least 10 qualifying jobs for U.S. workers. Because Siena Valley Club is a regional center project, it can count both direct and indirect jobs created through spending on construction.

To support up to 38 preferred equity investors, the project needs to create 380 jobs. The project is also accepting an EB-5 loan investment from up to 100 investors, which means the project will have to create another 1,000 jobs. In total, then, Siena Valley Club will need to create 1,380 jobs.

As of December 2024, the project has already created over 200 qualifying jobs. When completed, the project will create a total of 6,247 EB-5–eligible jobs, which is more than 45 jobs per investor—well above the required amount.

Experienced Developer

The project is controlled by Josiah Jennings and Daniel Conard, the managing members of Oak Quarry Management, LLC. They guide all strategic decisions for the project and its affiliates. Mr. Jennings oversees financial strategy and development operations, drawing on his background in construction management and real estate, while Mr. Conard has a decade of experience in financial advisory and investment management.

An Independent Regional Center With a Proven Record

EB5AN is the regional center sponsor for Siena Valley Club. Since EB5AN is 100% independent from the developer, it is able to prioritize the interests of its EB-5 investors without conflicts of interest. EB5AN has facilitated over $1.0 billion in EB-5 investment, with total project development costs of over $4.1 billion.

In its 10+ years of operating, EB5AN has helped more than 2,300 immigrant investors from over 70 countries relocate to the United States through its low-risk, high-quality investment opportunities. All adjudicated regional center–sponsored projects offered by EB5AN have received USCIS approval.

Construction Completion Guaranty

The developer has provided a guaranty that it will substantially complete the project on time. This guaranty helps prevent delays, cost overruns, and incomplete construction, lowering the risk of lost funds for EB-5 investors. This guaranty also helps ensure that enough jobs are created on time for all EB-5 investors to receive their Green Cards.

I-526E Approval Refund Guaranty

Siena Valley Club features an I-526E approval refund guaranty from the developer. This guaranty helps EB-5 investors recover their $800,000 more quickly if their Form I-526E petitions are denied by USCIS.

Job Creation Guaranty

The developer has guaranteed that it will spend all EB-5 funds on qualifying costs. With this guaranty, EB-5 investors can invest with confidence knowing that the jobs created by Siena Valley Club are based on qualified expenditures.

Siena Valley Club: A Unique, Low-Risk Rural EB-5 Project

No EB-5 project is entirely risk free. But while risk is part of the EB-5 program, EB-5 projects do not have to carry high risk. The Siena Valley Club EB-5 project has been set up with EB-5 investor needs at its core. It offers EB-5 investors a low-risk option full of best-in-class features, ensuring they have the best opportunity to meet their immigration and financial goals.

For more information on the Siena Valley Club rural EB-5 project or other available EB-5 projects, please schedule a one-on-one call with EB5AN.