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ANGUILLA-A $130-million resort is being planned for 27 acres here overlooking the Caribbean Sea on the west end of the island. The owner-developer is a joint venture of the Kor Group, an owner-operator of boutique hotels, and Lubert-Adler Management Inc., a multi-billion real estate investment fund.The Viceroy Anguilla Resort & Residences will offer 50 five-star boutique hotel rooms and 52 ocean-front villas and condominiums. Acquisition and joint venture financing for the project was arranged by Los Angeles-based Sonnenblick-Eichner Co. The funds were provided by an institutional investor. “Financing off-shore real estate transactions is far more complex than continental US real estate transactions, since property ownership laws vary and only select institutions have a mandate to lend in the Caribbean,” says Elliot Eichner. “In addition, the transaction was unique because “we were able to arrange a loan from an institutional lender who also has the option to convert to an equity position within the ownership, which will help secure construction financing.”Sonnenblick-Eichner has since been engaged to arrange construction financing for the project. Construction is scheduled to start in the spring.

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