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DOMINICAN REPUBLIC-Group Metro has secured $55 million in financing for two projects in the Juan Dolio region of the Dominican Republic. The real estate and transportation-focused company received a $20 million construction loan for the Costa Blanca and $35 million for the Las Olas project.

“The fact that our company have been able to secure these two generous loans to complete both Costa Blanca and Las Olas is very positive news for real estate, especially in the Dominican Republic. It allows other potential investors and buyers to feel more confident in real estate again, while the economy is still building its way back,” Luis Jose Asilis, CEO of Group Metro, tells GlobeSt.com.

Las Olas is an oceanfront condominium complex near the Las Americas International Airport. Group Metro is in the process of expanding the project. The money was arranged with Portland Private Equity, a private equity manager of the AIC Caribbean Fund.

“Las Olas construction is scheduled to reach the halfway mark before the holidays, so the timing of this capital injection coincides perfectly with our need to purchase important components such as fixtures and finishing elements,” Asilis says. “This will allow us to capitalize on cost saving opportunities through bulk advance purchasing of materials, which will be passed on to our clients in the form of a higher quality end product.”

Portland Private Equity managing partner Kip Thompson says the company is bullish on the development for a number of reasons. “It offers many advantages compared to the other tourism dependent real estate projects in the region that we look at. The Juan Dolio area is fast becoming a suburb to Santo Domingo and the affordable luxury emphasis of Las Olas opens up the opportunity to local and ex-pat Dominicans to buy a condo as a second home.”

Group Metro, with the help of Banco de Reservas de La República Dominicana, has secured an additional $20 million for the completion of the Founder Residences at the 580-acre, $1 billion Costa Blanca. The project combines a 18-hole golf course, retail, a full-scale mega-yacht marina, and luxurious residential homes. Thus far, 45 of the 52 villas have already been sold.

“The 52 exquisite Founder Residences are moving along at a rapid pace most recently reaching the rooflines,” Asilis says. “The 18-hole Greg Norman Signature Golf Course is also progressing at a steady pace. The irrigation system has already been completed for the first nine holes and we expect them to be ready for grassing before the end of the year.”

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