Kennedy Funding Closes Land Loan for Luxury Development in the Dominican Republic
Direct, private lender to fund construction of 152 villas
ENGLEWOOD, N.J., Jan. 28, 2025 /PRNewswire/ -- New luxury villas in one of the Dominican Republic's most popular tourism spots are one step closer to completion, thanks to Kennedy Funding.
The direct private lender based in Englewood, N.J. closed a $1.7 million land loan for Vista del Atlántico, a mixed-use development featuring 152 three-bedroom and four-bedroom villas in Puerto Plata, a province within the Villa Montellano municipality in the Dominican Republic. Proceeds from the loan will be used for construction and working capital.
"There are many lucrative opportunities for real estate development outside the United States, but finding a willing lender to work on a project abroad is incredibly difficult, or even borderline impossible," said Kevin Wolfer, CEO/President, Kennedy Funding. "We are thrilled that we have the necessary experience and knowledge to fill this need and get borrowers the financing they need to complete profitable projects outside our borders."
Kennedy Funding has successfully closed millions of dollars in land loans outside the United States. According to Wolfer, nearly all traditional lenders are hesitant to entertain opportunities outside the U.S. This is especially true of land loans, which are already hard enough to secure in the U.S., let alone abroad.
"Lending internationally takes deep knowledge and experience in dealing with local markets, governments, laws, and land values. Plus, you have to have strong relationships with the right professionals and partners," Wolfer said. "We leverage this infrastructure to successfully fund projects like Vista del Atlántico in countries like the Dominican Republic."
"We've closed more international deals than anyone," Wolfer said. "With more than $4 billion in loans closed, and with many closed deals in Central America, the Caribbean, and other global locales, we're proud to be the go-to lender for international real estate acquisition or redevelopment."
According to Mark Falzone, Executive Loan Officer at Kennedy Funding, the borrower, Atlantic Blue Group 3DRD, SRL, is a renowned developer with several completed projects in the Dominican Republic.
"Atlantic Blue Group's successful track record was one of the factors we took into account while evaluating their application," Falzone said. "As direct private lenders, we're not constricted to a rigid set of requirements. We have the flexibility to assess outside factors, like the borrower's prior successful projects and vision for the current project, to say 'yes' to a deal."
Situated on the northern coast of the Dominican Republic, Vista del Atlántico will be a premier destination for vacationers with breathtaking views of the Atlantic Ocean. Atlantic Blue Group acquired 45 acres in 2021 and began phases 1 and 2 of the development on 25 acres of that property shortly thereafter. Many of the villas are already sold.
Vista del Atlántico will offer a suite of first-class amenities, including a clubhouse, a gym, tennis and basketball courts, a spa room, and a meeting room. The complex also plans to install 24-hour surveillance and a perimeter fence for security.
Unique to Vista del Atlántico will be a restaurant built on an island at the center of a 5-acre lake within the complex. Residents and guests will be able to shop at an on-campus supermarket and pharmacy, and use the services in its on-site beauty salon. A horse stable and an ecological park offer ways to enjoy the outdoors, while a planned heliport opens direct access to visitors coming from other areas of the island.
"The developers have a remarkable vision for a dream getaway in this incredibly popular tourist destination," said Falzone, adding that the project's post-construction value is estimated to exceed $53 million. "Knowing Atlantic Blue Group's successful track record in the country; their knowledge of the commercial real estate market, zoning laws, and construction requirements; we had no doubt that they have what it takes to complete this project."
Puerto Plata is the second-most connected province in the Dominican Republic. It's serviced by an international airport, tourist marinas, and tourist ports for cruises.
"Vista del Atlántico's prime location in one of the country's hottest tourism areas, the pre-sold villas, and the full approval from the town were all important aspects we could take into account because we're not held to an arbitrary checklist or a cap on the types of projects we fund," Wolfer said. "That kind of flexibility is what makes us an excellent partner for borrowers in the Dominican Republic and throughout the world."
For more information about funding opportunities in the Dominican Republic and other Caribbean countries, visit www.kennedyfunding.com.
About Kennedy Funding
Kennedy Funding is a global direct private lender specializing in bridge loans for commercial property and land acquisition, development, workouts, bankruptcies, and foreclosures. Kennedy Funding has closed more than $4 billion in loans to date. Their creative financing expertise provides funding up to 75% loan-to-value, from $1 million ($3 million international) to more than $50 million in as little as five days. The company has closed loans throughout the United States, the Caribbean, Europe, Canada, and Central America and South America.
SOURCE Kennedy Funding
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