Currahee Club Rural Senior EB-5 Loan Project Adds a New Layer of Investor Protection: No Owner Distributions Until EB-5 Loan Principal Is Repaid

EB5AN is pleased to announce a new investor protection for the Currahee Club rural senior EB-5 loan project. The three project companies that own and operate Currahee Club are now each prohibited from making any distributions to their owner for as long as any senior EB-5 loan principal advanced to them remains outstanding.

This restriction was added through amendments to the project companies’ secured promissory notes, and it adds to the already substantial package of protections that supports the Currahee Club rural senior EB-5 loan.

In plain terms: until the applicable Currahee project company has repaid the senior EB-5 loan proceeds it received, that company’s profits and assets cannot be paid out to its owner.

Key takeaways:

• The project companies cannot distribute profits or capital to their owner while they have any senior EB-5 loan principal outstanding.
• The restriction covers all three project companies and every dollar of the senior EB-5 loan.
• Nothing was given up: the first-priority security deed, 100% equity pledges, and guaranties remain in place.
• These amendments cost EB-5 investors nothing.

In this article, we explain what changed, how the new restriction works, and why it matters for EB-5 investors evaluating Currahee Club ahead of the September 30, 2026, grandfathering deadline.

What Changed: Three Amendments and a New Offering Memorandum Supplement

The proceeds of the Currahee Club rural senior EB-5 loan are ultimately deployed into the project by three project companies—CCDEV Land, LLC, CCDEV Club, LLC, and CCDEV Utility, LLC. These companies own the land, the golf club and amenities, and the utility assets at Currahee Club, respectively. Each of these companies borrows its share of the senior EB-5 loan proceeds under a secured promissory note.

On September 3, 2026, each of the three project companies added a single new covenant to its secured promissory note: that for as long as any principal remains outstanding under its secured promissory note, the project company may not declare or make any distribution to its owner. The project’s confidential offering memorandum was supplemented accordingly by Supplement No. 2, dated September 6, 2026, which attaches full copies of all three amendments.

No cost to investors: The amendments were obtained without any additional cost or fees payable by the EB-5 fund or its EB-5 investors.

Nothing taken away: The amendments do not replace any existing protections; they add to them. The security deed, the pledges of membership interests, the loan agreement, and both guaranties remain exactly as they were.

How the Currahee Club Senior EB-5 Loan Is Structured

To understand why the amendments matter, it helps to understand how EB-5 funds flow through the project.

EB-5 investors purchase limited partnership units in EB5AN Currahee Fund 46, LP. The fund makes a senior secured loan to CCDEV Upstream Borrower, LLC, which in turn lends the proceeds to the three project companies under the secured promissory notes described above. The project companies are the job-creating entities: they use the EB-5 funds to develop Currahee Club, and they are ultimately the source of repayment for the senior EB-5 loan.

The senior EB-5 loan is supported by:

1. First-priority security deed: A first-priority security deed covering portions of the land owned by CCDEV Land, LLC, one of the project companies.
2. Pledges of 100% of membership interests: Pledges of 100% of the membership interests in the other two project companies that own the golf club, amenities, and utility assets.
3. Guaranties: A Job Creation Guaranty and an I-526E Approval Refund Guaranty from the borrower.

The value of this collateral—and the project companies’ ability to repay—depends on the cash and assets that remain inside the project companies. That is exactly what the new amendments protect.

The New Distribution Restriction, Explained

What Is Prohibited

While any senior EB-5 loan principal is outstanding under a project company’s secured promissory note, that project company may not declare or make any distribution to its owner.

The restriction is comprehensive as to owner distributions. It covers distributions in any form—cash, property, or other assets—and however they are characterized: as profits, as a return of capital, or otherwise.

The restriction is aimed squarely at owner distributions. The project companies can, of course, continue to pay project costs.

How Long the Restriction Lasts

The restriction remains in effect for as long as any senior EB-5 loan proceeds advanced to a project company remain unpaid, and it automatically applies again to any principal later advanced to that project company.

How the Restriction Is Enforced

The restriction is fully enforceable by the lender under the secured promissory notes. Any prohibited distribution must be returned to the project company within the cure period provided in its secured promissory note. If it is not, the lender may declare the note immediately due and payable and enforce its rights against the collateral securing it, for the ultimate benefit of the EB-5 fund and its EB-5 investors.

What Is Not Affected

Each amendment expressly provides that it does not replace the original secured promissory note and preserves the security interest under the applicable security agreement or security deed. The senior EB-5 loan agreement, the Job Creation Guaranty, and the I-526E Approval Refund Guaranty are unchanged and remain in full force and effect.

Why the Amendments Matter for EB-5 Investors

EB5AN believes the amendments meaningfully enhance the security supporting the Currahee Club rural senior EB-5 loan. Here is why.

Project profits and assets stay in the project. The project companies are the ultimate recipients of the EB-5 funds and the source of repayment. Revenue from real estate sales and operations must now be retained within each project company rather than distributed to its owner ahead of repayment of the senior EB-5 loan principal advanced to that company.

Senior EB-5 loan principal is repaid before the owner receives distributions. The restriction places the owner of each project company behind the senior EB-5 loan. The owner will not receive any distribution of profits or capital from a project company until the senior EB-5 principal advanced to that project company has been repaid in full.

Project-wide coverage. The restriction applies to all three project companies and all three notes, so every dollar of senior EB-5 loan proceeds advanced into the project benefits from the covenant.

Collateral value is preserved. The pledged membership interests in the club and utility companies are worth what those companies hold. By keeping cash and assets inside the project companies, the amendments preserve both the value of the collateral and each company’s capacity to repay its note.

Alignment of interests. Because the owner cannot take equity distributions from a project company while any senior EB-5 principal advanced to that company is outstanding, the owner’s economic interests are further aligned with timely repayment of the senior EB-5 loan.

An additional layer, not a substitute. The distribution restriction sits on top of the first-priority security deed, the two pledges of 100% membership interests, and the two guaranties. EB-5 investors keep everything they had and gain a new protection.

Covenants of this kind are uncommon in EB-5 offerings. In EB5AN’s experience, many EB-5 projects place no restriction at all on owner distributions while investor capital is still outstanding. At Currahee Club, senior EB-5 principal now effectively comes first, ahead of developer profit distributions.

Currahee Club’s Complete Set of EB-5 Investor Protections

With the new distribution restriction in place, the Currahee Club rural senior EB-5 loan is supported by the following:

Form I-956F approval: USCIS approved the project’s Form I-956F “exemplar” petition in August 2026, confirming that the project structure, rural TEA qualification, and job creation methodology comply with EB-5 program requirements.

Senior secured loan structure: The EB-5 investment is a senior loan, secured by a first-priority security deed and pledges of 100% of the membership interests in the club and utility companies.

Distribution restriction (new): No project company may make any distribution to its owner while any senior EB-5 loan principal advanced to it under its respective secured promissory note remains outstanding.

I-526E Approval Refund Guaranty: If an investor’s I-526E petition is denied by USCIS, the $800,000 investment will be refunded within a defined period, subject to the terms of the guaranty.

Job Creation Guaranty: The borrower has guaranteed that 100% of EB-5 funds will be used for qualified project costs, subject to the terms of the guaranty.

Individual four-year loan term: Each investor’s loan tranche has its own four-year term, independent of other investors, with a single one-year extension at the borrower’s election.

Significant job creation: The project is expected to create 1,651.9 EB-5-eligible jobs—18.8 jobs per investor, far above the 10 required.

Rural TEA benefits: The $800,000 minimum investment, priority I-526E processing, and access to the 20% rural set-aside visa category.

Third-party fund administration: PRXY Fund Services tracks and records all EB-5 fund draws and spending through the life of the project.

A mature, operating community: More than 200 lots and homes previously sold, an award-winning Jim Fazio golf course, and amenities managed by Troon Privé.

Transparency: Review the Amendments Yourself

EB5AN’s defining values are transparency and quality, and we believe every EB-5 investor has the right to read the actual documents rather than rely on a summary.

Current investors can access Supplement No. 2 through the EB5AN investor portal. Prospective accredited investors can request the complete offering materials, including Supplement No. 2, by contacting EB5AN.

Frequently Asked Questions

Does the restriction change the terms of the senior EB-5 loan?

No. The terms of the senior EB-5 loan agreement, the I-526E Approval Refund Guaranty, and the Job Creation Guaranty are unchanged. The restriction is an added protection at the project company level that supports repayment of the senior EB-5 loan.

Can the project companies still spend money on the project?

Yes. The restriction applies only to distributions to the project companies’ owner on account of their equity. Paying project costs is exactly what the EB-5 funds are for, and those payments continue as normal.

What happens if a project company makes a prohibited distribution?

The distribution must be returned to the project company within the cure period provided in its secured promissory note. If it is not, the lender under the secured promissory note may declare the note immediately due and payable and enforce against the collateral.

When does the restriction end?

Only when the senior EB-5 loan principal advanced to that project company has been repaid in full. If principal is later advanced again, the restriction automatically applies again.

Currahee Club and the September 30, 2026, Deadline

The September 30, 2026, grandfathering deadline is now just over three weeks away. Investors who file Form I-526E by that date receive statutory protection that allows their petitions to continue to be adjudicated even if the regional center program later lapses.

Currahee Club is well positioned for investors working against that deadline. The project has Form I-956F approval, qualifies for rural priority processing and rural set-aside visas, and—with the September 3, 2026, amendments—offers a level of loan security that is uncommon in the EB-5 market.

Currahee Club is offered on a first-come, first-served basis, and the offering could fill before the deadline. Investors who want to file by September 30 should begin the process now.

For more information on the Currahee Club rural senior EB-5 loan project, to request Supplement No. 2 and the full offering documents, or to explore additional EB-5 investment opportunities, please schedule a one-on-one call with EB5AN.

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