Delphos Arranges $119.5 MM in Debt from IFC & IDB Invest for a Sustainable Resort in Dominican Republic
Delphos International served as the sole financial advisor to Cisneros Real Estate in obtaining debt financing from the International Finance Corporation (“IFC”) and IDB Invest to support the construction and operation of Tropicalia, a 169-key hotel and 24 beachfront residences in Miches, which is 80 kilometers west of Punta Cana. The long-term loans consisted of $79.5 million from IFC and $40million from IDB Invest. As part of the financing package, IFC mobilized $34 million from institutional investors through its Managed Co-Lending Portfolio Program.
The $258 million project is an important milestone for several reasons: (i) the hotel will be the country’s first EDGE-certified construction and will seek LEED certification and a UNDP gender seal, (ii) the IFC loan is entirely funded through Green Bonds based on the project’s environmental standards, and (iii) the project is expected to attract new visitors to an underserved area resulting in highly developmental job creation, tax revenue, private sector expansion, and local supply chain creation.
