Kennedy Funding Closes $5.625 Million Land Loan for Dominican Republic Tourism Project
Kennedy Funding has finalized a $5.625 million land loan for Cruise on Land DR, S.R.L., to facilitate the acquisition of 142 acres (approximately 573,946 square meters) in Higüey, Dominican Republic. The property is intended for a large-scale residential and tourism development known as 'Cruise on Land' located near the Punta Cana region. The ambitious project aims to create an integrated destination featuring 15 mid-rise buildings with 3,768 apartments, hotel condos, hospitality services, and a massive recreational theme park area. The development has already received Definitive Classification from the Dominican Republic's Tourism Development Council, marking it as a recognized tourism real estate project. This cross-border transaction highlights the growing role of private lenders in providing capital for international land acquisitions where traditional U.S. commercial banks often lack the expertise to navigate foreign legal and regulatory frameworks.
Topics: international lending land financing private credit real estate development