Kennedy Funding Completes $1.5 Million Financing for Dominican Republic Property
Proceeds will be used for working capital and improvements to the 60.48-acre beachfront site
Englewood Cliffs, NJ – Atlantic Ocean Partners has received a $1.5 million, three-year, interest-only loan from Kennedy Funding for a 60.48-acre oceanfront tract located in Diamante Beach, Province of Trinidad Sanchez, Cabrera, Dominican Republic. The horseshoe-shaped site consists of six contiguous lots surrounding a local community beach on the outskirts of the town of Cabrera.
Currently undeveloped except for one residence and a restaurant, the property was acquired by the borrower for just under $5 million from three related owners as part of a site assemblage in late 2008. With the all-cash transaction, there is no debt on the property.
“The property is currently proposed for mixed-use development,” said Kevin Wolfer, president and CEO of the Englewood Cliffs, NJ-based Kennedy Funding. “The loan proceeds will be utilized for working capital and improvements as that proposal advances through the approval process.”
Accessible via Route 5, a main thoroughfare on the Dominican Republic’s northern coast, the site’s potential is expected to benefit from the ongoing development of the Playa Grande Golf Resort to the north, as well as the current development of the nearby Orchid Bay.
This latest transaction is another example of Kennedy Funding’s well-established track record of being willing and able to provide loans to borrowers outside of the U.S.
“The maze of international bureaucratic requirements, which differ substantially from country to country, may be a deterrent for many lenders to venture outside of the U.S.,” said Wolfer. “However where some see obstacles, we see opportunity, and that was indeed the case in Cabrera.”
Kennedy’s international lending ability also crosses multiple property types. The firm has provided funding, for example, for residential communities in Cozumel, Mexico City and Sonora, Mexico; as well as St. Lucia and St. Thomas in the Caribbean. Others have included a hotel property in Niagara Falls, Ont., Canada; land slated for development in Fredericton, N.B., Canada; and resort and entertainment properties in St. Croix, Mexico City, St. Maarten in the Caribbean, and Viti Levu in Fiji.
Kennedy Funding, America’s leading direct private lender, specializes in bridge loans for commercial property and land acquisition, development, workouts, bankruptcies, and foreclosures. The company has closed over $2.5 billion in loans to date. The firm’s creative financing expertise enables the closing of equity-based loans of up to a 70% loan-to-value ratio, from $1 million to more than $50 million, in as little as five days. Kennedy Funding continues to actively seek new funding opportunities throughout the world.