Mark Falzone
By Joshua Burd
Kennedy Funding has closed a $1.7 million land loan to the firm behind a planned luxury resort property in the Dominican Republic.
According to the lender, which is based in Englewood, the borrower will use the funds for construction and working capital in connection with the mixed-use project known as Vista del Atlántico. Plans call for a mixed-use development with 152 three- and four-bedroom villas in Puerto Plata, a province within the Villa Montellano municipality
“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 and president of 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.”
According to Mark Falzone, executive loan officer at Kennedy Funding, developer and borrower Atlantic Blue Group 3DRD SRL has completed several projects in the Dominican Republic. The firm acquired 45 acres in 2021 and began phases one and two of the development on a 25-acre parcel shortly thereafter, having already sold many of the villas.
“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.”
Kennedy Funding added that Vista del Atlántico, which sits on the northern coast of the Dominican Republic, has views of the Atlantic Ocean. Amenities are slated to include a clubhouse, a gym, tennis and basketball courts, a spa room and a meeting room, all in a location that the firm said is the second-most connected province in the Dominican Republic.
“Vista del Atlántico’s prime location in one of the country’s hottest tourism areas, the presold 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.”