One of the most exclusive and luxurious property developments in St. Lucia is one step closer full development, as the property developer just closed a multi-million loan from one of the US largest direct private lenders.
The M Group Resorts is now set to complete construction of The Jalousie Enclave. The loan is to finance the construction of the Jalousie Enclave, that will be an extension of the famous $40 million Jalousie Plantation – also built by M Group – in St. Lucia, West Indies. Financed by direct private lender Kennedy Funding, the loan will provide working capital to complete the Jalousie Enclave and to commence construction of infrastructure improvements. This major loan comes at a time when a number of properties across the world, have witnessed a significant decline in their development.
On, April 6, 2010, Kennedy Funding, Inc. announced that it closed a multi-million dollar luxury residential development loan to M Group Resorts.
This project has been described as very ambitious in the current environment when so many traditional lenders will not provide developers with desperately needed luxury residential development loans,” said Jeffrey Wolfer, President and Co-CEO of Kennedy Funding. “As a direct private lender, we are able to look at the potential of the land to close the loan quickly, helping to complete projects and create jobs.”
The property gained international attention as one of the US most popular reality shows (the Bachelor) shot on location. A press release published at the beginning April 2010, said, “ In addition to building the Jalousie Enclave, the Jalousie Plantation is undergoing a $150 million renovation and will soon be renamed the Tides at Sugar Beach – operated by the Viceroy Hotel Group. The Jalousie Plantation located on 129 acres of beach front property, and is listed as one of UNESCO’s 820 “World Heritage Sites.”
“We dreamed up the idea for the Jalousie Enclave back in 1989, so we are very excited to get the capital we needed to get this project underway,” said Pascal Mahvi, President of M Group Resorts S.A. “Thanks to the loan that Kennedy Funding provided, we are able to make this dream a reality and also help support the St. Lucia community by creating nearly 300 jobs and generating more revenue for the local businesses,” he said. “The Jalousie Enclave will be the only gated luxury residential community in a World Heritage Site.”
It is incredibly difficult to secure loans for commercial projects, particularly for luxury residential developments in the Caribbean,” said Ed Wegel, CEO of Liberator Capitol. “We are very pleased that Kennedy Funding was able to come through for us at a time when commercial lending is so tight everywhere so that this project could get funded.”
Kennedy Funding is a commercial real estate lender that specializes in unconventional financing where speed and attention to special circumstances are critical. Its unique lending program has made Kennedy Funding one of the largest direct private lenders in the country. Since 1987, Kennedy Funding has invested more than $1.8 billion to help build hundreds of projects and put thousands of Americans to work in communities across the nation. Among the hundreds of successful deals Kennedy Funding has closed are land developments and construction projects, casinos, commercial and industrial projects, retail centers, residential communities, golf courses, beachfront resorts and ski areas.
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Is St.Lucia becoming another Barbados? Don’t get me wrong I is Bajan I LOOOOVE Barbados to death. Barbados is BEAUTIFUL, but it is becoming a place where natural beauty is depleting due to the greed of the government. So when I hear about developing a World Heritage Site in beautiful island like St.Lucia into a gated community, I get angered! These Caribbean islands need to stop selling their souls off for a quick buck!!!!!! Each and every island in de Caribbean (even the more developed ones) are beautiful but soon the beauty will be lost due to stupid shit like overdevelopment! Long Live De Islands!
Hi,
St. Lucia has been developing its tourist product and has some amazing sites. But it hasnt quite hit the standard Barbados has and it does have as luxury properties as Bim
the recently-deceased Mahvi patriarch “Prince” Abolfath was distantly related (by marriage, not blood) to the Pahlavis … the Pahlavis confiscated much of his wealth after finding out what a crook he was — Farsi-speakers look at this video of A.A. Ansari http://vimeo.com/10613780 noting Court-Minister A. Alam’s suggestion to the Shah, rather than arrest Mahvi, to confiscate his ill-gotten wealth and set up a Mahvi Foundation, which the Mahvis don’t want you to know it was actually set up by the Pahlavis rather than arrest the patriarch of their family. Mahvi was allowed to go abroad (Switzerland) and continue to live a luxurious life with a bit less of his ill-gotten wealth.