DomRep firm gets US$35 million to finish condos

SAN JUAN, Puerto Rico

A Dominican real estate corporation says it gained a $35 million investment so it can finish building a beachfront condominium complex.

Group Metro announced Wednesday that the money is coming from Barbados-based Portland Private Equity, which focuses on regional developments through its management of the AIC Caribbean Fund.

The money is earmarked for Las Olas, a 16-story, 227-unit condominium project in the southern beach town of Juan Dolio. Terms of the deal were not disclosed.

Grupo Metro CEO Luis Jose Asilis He says construction is expected to reach the halfway mark in the next few weeks. The global economic recession has sunk several beachfront projects across the Caribbean.