HC2 Capital announced the closing of a $20 million EB-5 mezzanine loan to finance a student housing development that will serve students enrolled in Appalachian State University in Boone, North Carolina. The loan is funded by 25 EB-5 investors and supports a high-demand, supply-constrained student housing market in one of the strongest college towns in the Southeast.
The project is being developed by Landmark, the largest student housing developer in the United States, which manages over $15 billion in student housing assets nationwide. Landmark’s long-standing track record and deep sector expertise position the project for long-term operational success.
Appalachian State University, founded in 1899, is the sixth-largest public university within the University of North Carolina system. Enrollment has increased for 12 consecutive years, reaching a record 21,570 students in 2024, further intensifying demand for high-quality housing near campus.
Boone is a classic college town where limited transportation infrastructure strongly encourages students to live within walking distance of campus. At the same time, the area faces extraordinary barriers to new development. Mountainous terrain significantly restricts buildable land, and strict government regulations have resulted in a severe and persistent shortage of student housing, with occupancy levels historically at or near 100%.
Notably, this development is the only approved off-campus student housing project in the Boone area since 2022, underscoring both its strategic importance and the high barriers to entry that protect long-term value.
“This transaction reflects HC2 Capital’s disciplined approach to EB-5 investing—prioritizing strong sponsorship, fundamentally sound markets, and assets with durable demand drivers,” said Doug Conner, Partner of HC2 Capital. “Student housing near Appalachian State University presents a compelling combination of enrollment growth, supply constraints, and long-term stability.”
The investment is structured as an EB-5 mezzanine loan, aligning investor immigration objectives with a project backed by an experienced sponsor and a resilient asset class.
About HC2 Capital
HC2 Capital is a real estate private equity firm providing access to institutional-quality real estate investments for domestic and international investors. The firm provides traditional real estate investment opportunities for investors seeking to grow and diversify their portfolios, as well as exclusive EB-5 investment opportunities for international investors pursuing permanent U.S. residency through the EB-5 Immigrant Investor Program.
Headquartered in Dallas, Texas, HC2 Capital partners with experienced sponsors to deliver institutional-quality investments through disciplined underwriting, transparent structures, and a focus on capital preservation and long-term value creation.
