ENGLEWOOD CLIFFS, NJ — An investment group in the Dominican Republic has turned to Kennedy Funding to secure a loan for their beachfront property on the country’s northern coast.
The Englewood Cliffs, New Jersey-based direct private lender closed a $2.3 million loan to Atlantic Ocean Partners, LLC, for a 60.48-acre tract on Playa Diamante, in the province of Maria Trinidad Sanchez. Loan proceeds will be used for debt payoff and working capital.
“Atlantic Ocean Partners came to Kennedy because they know firsthand that we have the knowledge, experience, and track record to close the deal,” said Kevin Wolfer, CEO, Kennedy Funding. “We take great pride in knowing that our firm has garnered a worldwide reputation for closing loans when traditional lenders cannot.”
The site on Playa Diamante is approved for a mixed-use resort and residential development; the property is zoned for agricultural, residential, and touristic use. The borrower had purchased the property outright for $4.945 million in 2008.
According to Wolfer, while the COVID-19 pandemic has slowed international tourism, the Dominican Republic will experience a resurgence in vacationers from all over the globe as virus transmission slows and when travel restrictions loosen. However, even with such uncertain circumstances, Kennedy Funding’s familiarity with the economic landscape of the Dominican Republic allowed them to say “yes” to Atlantic Ocean Partners’ loan request.
Playa Diamante is in a secluded, undeveloped area; the beach is well-known for white, sandy shores and warm water. It is easily accessible by bus and by vehicle via Rte.5, a main thoroughfare on the Dominican Republic’s northern coast.