12th Nov 2014 10:16
LONDON (Alliance News) - Dolphin Capital Investors Ltd Wednesday reported the closing of a USD30.5 million investment by Melody Business Finance into Playa Grande Club & Reserve, its luxury resort complex on the north coast of the Dominican Republic.
US-based Melody Business Finance LLC, acting on behalf of managed and affiliated funds, has now entered into final agreements with DCA Holdings Six Ltd, the Dolphin subsidiary that holds the group's stake in Playa Grande for the USD30.5 million mezzanine facility.
The facility will be drawn down immediately in its entirety, Dolphin said.
Melody is an affiliate of Melody Capital Partners, LP, a New York based private investment firm.
"We are very excited to have partnered up with the team at Dolphin," Eric Tanjeloff, head of real estate investments and Cesar Gueikian, co-founder and managing partner, of Melody, said in a statement. "We hope to work with them on many projects going forward in the Americas and around the world. The process of structuring and closing this particular transaction in a cooperative fashion between the Melody and Dolphin teams is rooted in both team's philosophies of creating and unlocking value."
"The quality, location and attractiveness of the Playa Grande asset are impressive. It will attract and impress people from around the world. We believe in Dolphin's vision for the property and are delighted to be part of it," Tanjeloff and Gueikian added.
CBRE Capital Advisors and AXIA Ventures advised Dolphin on the transaction.
Dolphin shares were down 1.3% at 27.65 pence on Wednesday.
By Samuel Agini; [email protected]; @samuelagini
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