" />
Product: Project Finance/Financed with funds from the Investment Fund for the Development of Dominican Infrastructure I
Role: Lead mandated arranger
Environmental category: B
Impact: 243 jobs generated at Blue Mall and 377 jobs generated at JW Marriott
Financial clousure: 2021
CIFI structured a secured senior loan in the amount of RD$ 3,731,700,000, with a 19-year tenor, in favor of Allard Industries Ltd. and Orion Investments Group Inc., to refinance the Blue Mall shopping center (owned by Allard Industries Ltd.) and the JW Marriott Santo Domingo Hotel (owned by Orion Investments Group Inc.).
The Blue Mall mixed-use complex was built in 2010 as part of Grupo Velutini’s internationalization strategy. It receives approximately 250,000 people per month, representing 1 out of every 2 visitors to the country. Blue Mall Santo Domingo spans 18,206.34 m² across 5 levels and hosts more than 114 retail, entertainment, and restaurant units. It is among the complexes with the highest occupancy in the country and is considered one of the most prestigious malls in the city.
The JW Marriott hotel opened in 2014 and has 150 rooms distributed over seven floors, starting from the mall’s sixth level.
Grupo Velutini is part of Fondo de Valores Inmobiliarios de Venezuela S.A.C.A., founded in 1992 and dedicated to the development of high-end commercial and business real estate. Over the past 10 years, it has invested more than USD 160 million in the Dominican Republic in the construction of 300,000 square meters of commercial and business space, generating over 30,000 jobs nationwide.
Allard Industries Ltd. is a commercial company incorporated in 2006 under the laws of Nevis to undertake the construction of the Blue Mall shopping center. Orion Investments Group Inc. is a company incorporated in 2004 under the laws of the Republic of Panama for the hotel project. It is currently a subsidiary of Tropic Securities Ltd. and is sponsored by Fondo de Valores Inmobiliarios (FVI) S.A.C.A.
