Two recent sales at Bay Creek, the master-planned coastal community in Cape Charles, Virginia, give EB-5 investors a clear, real-world example of the development model that also drives the Currahee Club rural senior EB-5 loan project in Toccoa, Georgia. A newly built developer home and a golf-front homesite both went under contract at a significant profit, a little more than a year after the current ownership group acquired Bay Creek.
This post explains what was sold, why these results matter for the investment’s underwriting, how Bay Creek and Currahee Club follow the same approach, and how Currahee Club’s new owner distribution restriction keeps project profits inside the project until senior EB-5 loan principal is repaid.
The Two Bay Creek Sales at a Glance
What These Sales Show About the Bay Creek Underwriting
One Development Model at Bay Creek and Currahee Club
Currahee Club’s New Owner Distribution Restriction
Why Profitable Sales and Retained Profits Work Together
Learn More About the Currahee Club EB-5 Project
The Two Bay Creek Sales at a Glance
Bay Creek was acquired on July 2, 2025. Since then, the new owners have followed a two-part sales strategy: build and sell new homes directly, and sell finished homesites to buyers who plan to build. The two transactions below represent one of each.
A Developer-Built Home in Bayside Village
The first sale is 101 Governor’s Way, a new home in Bay Creek’s Bayside Village neighborhood. It is the Nottingham plan from Bay Creek Homes. The coastal farmhouse has three bedrooms, two and a half baths, and about 2,121 square feet, with a wraparound porch, a main-level owner’s suite, and a carriage-style two-car garage. The home went under contract in September 2026 at $950,000.
A Golf-Front Homesite in Muirfield
The second sale is 102 Edinburgh Lane, Homesite 80 in the Muirfield enclave. The 0.285-acre lot sits on the 9th tee of Bay Creek’s Jack Nicklaus Signature golf course with views across Golden Bear pond, a short golf cart ride from the Life Center and Bay Creek’s private beach. The lot went under contract in September 2026 at $362,500.
Together, the two contracts total $1,312,500, and each went under contract at a significant profit to the project.
What These Sales Show About the Bay Creek Underwriting
Every EB-5 loan to a real estate project rests on underwriting: a set of assumptions about what the project will cost, what it can sell for, and how quickly buyers will absorb inventory. For a master-planned community, the central question is whether the developer can sell lots and homes for more than it costs to acquire, improve, and build them.
A little more than one year after acquisition, Bay Creek is beginning to answer that question with actual sales.
The two sales show this in two ways. First, both product types are profitable. The home sale shows that the developer can build a new house at Bay Creek and sell it at a profit. The lot sale shows that finished homesites also carry value above their cost. A community that can profit on both lots and homes has more than one route to repayment.
Second, pricing held close to list. Each contract came in at roughly 95 percent of its asking price, a sign of real buyer demand at price levels consistent with the project’s plan.
The two contracts also come during a period of strong buyer demand across the community. In July 2026 alone, Bay Creek Realty recorded seven home sales and five lot sales totaling almost $8 million, as reported in EB5AN’s July 2026 Bay Creek sales update. One year after the acquisition, profitable developer sales show that actual results are beginning to validate the investment’s underwriting assumptions.
One Development Model at Bay Creek and Currahee Club
EB5AN highlights these Bay Creek results because Currahee Club follows the same development model and is managed by the same team.
The two projects share three core features:
- An established community with amenities already in place. Bay Creek offers a 27-hole championship golf course designed by Arnold Palmer and Jack Nicklaus, two miles of private beaches, and a 350-acre nature preserve. Currahee Club has an award-winning Jim Fazio golf course, a 48,000-square-foot clubhouse, and amenities managed by Troon Privé.
- Proven prior sales. More than 200 lots and homes have previously been sold at Currahee Club, so the project builds on a market that already exists. For investors weighing a new project against a mature one, this matters: a mature community with existing sales, amenities, and infrastructure carries less absorption and construction risk than a project that has yet to prove its market.
- The same EB-5 structure. Both projects are rural EB-5 offerings structured as senior secured loans. Bay Creek is now fully subscribed, and Currahee Club remains open to new investors.
The Bay Creek sales therefore offer a useful preview of what EB5AN expects the same model to achieve at Currahee Club as its lots and new homes come to market.
Currahee Club’s New Owner Distribution Restriction
At Currahee Club, a new covenant ensures that proceeds from sales like these stay in the project until senior EB-5 loan principal is repaid. EB5AN explains the change in full in its post on the new owner distribution restriction at Currahee Club. The key points are summarized below.
What the Restriction Prohibits
Three project companies own and operate Currahee Club: CCDEV Land, LLC, CCDEV Club, LLC, and CCDEV Utility, LLC. Each borrows its share of the senior EB-5 loan under a secured promissory note. Each note now includes a covenant that prohibits the company from making any distribution to its owner while any senior EB-5 loan principal advanced to it remains outstanding. The restriction covers cash, property, and other assets, whether labeled as profit, return of capital, or anything else. The companies can still pay normal project costs.
How Long It Lasts and How It Is Enforced
The restriction stays in effect until the principal advanced to each company is repaid in full, and it applies again automatically to any principal advanced later. If a prohibited distribution occurs and is not returned within the cure period in the note, the lender may declare the note immediately due and enforce against the collateral, for the benefit of the EB-5 fund and its investors.
Why Profitable Sales and Retained Profits Work Together
The Bay Creek sales and the Currahee Club distribution restriction answer two halves of the same question: will there be money to repay the senior EB-5 loan?
Profitable sales answer the first half: when lots and homes sell for more than they cost, the project generates cash above its expenses. The distribution restriction answers the second half. At Currahee Club, that cash must stay inside the project companies while senior EB-5 principal remains outstanding, which supports both their ability to repay and the value of the pledged collateral.
The owner’s distributions rank behind repayment of senior EB-5 loan principal, which aligns its financial interest with timely repayment. In EB5AN’s experience, many EB-5 offerings place no limit on owner distributions while investor capital is outstanding, so this covenant is uncommon.
Learn More About the Currahee Club EB-5 Project
In its first year under current ownership, Bay Creek has produced profitable sales of both a new developer-built home and a finished homesite, early evidence that the development model it shares with Currahee Club performs as underwritten. At Currahee Club, that model is paired with a senior EB-5 loan secured by a first-priority security deed and pledges of 100% of the membership interests in the club and utility companies, a Job Creation Guaranty, an I-526E Approval Refund Guaranty, and a covenant that keeps project proceeds inside the project companies until senior EB-5 loan principal is repaid.
Currahee Club has received Form I-956F approval from USCIS, and its rural location qualifies investors for the reduced $800,000 investment amount, priority I-526E processing under the EB-5 Reform and Integrity Act, and access to the 20% of EB-5 visas set aside each year for rural investors, a category that has allowed investors from high-demand countries to avoid the longer waits in the unreserved visa pool. The offering is available on a first-come, first-served basis.
More than 3,000 families from over 70 countries have selected EB-5 projects sponsored by EB5AN regional centers. Our expert team has more than a decade of experience and offers clients high-quality, low-risk EB-5 regional center projects with a 100% USCIS project approval rate.
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