Jamaica World plans $267.5-m trade centre in St Ann

Wednesday, October 18, 2017

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Local developer Jamaica World in a deal worth US$2.09 million ($267.5 million) has acquired 570 acres of land in Discovery Bay, St Ann, with plans for the development of a commerce and trade centre.

The company was tight-lipped about the details of the development. Nonetheless, it noted in a news release that build-out of the facility is expected to span a five-year period and is targeted at tourists visiting the island.

Jamaica World also hopes to attract other private developers and businesses to the project and expressed enthusiasm about the property's location between two of Jamaica's most popular ports — Montego Bay Freeport and the Ocho Rios Cruise terminal.

It added that the close distance to Panama's free trade zone makes this property a well-suited space for economic development.

The news, which came by way of a press release last week, said Jamaica World has secured debt-restructuring loan for the development after seven years of stalled refinancing efforts. It required collaboration between seven attorneys in three countries — United States, St Lucia, and Jamaica.

Kennedy Funding Financial — a New Jersey-based direct private lender that specialises in bridge loans for commercial property and land acquisition, development, workouts, bankruptcies, and foreclosures — recently closed the deal for the undeveloped 570-acre ocean-front property.

It marks the fifth loan that the company has secured for Jamaica.

In May, Kennedy Funding reportedly closed a US$2.3-million loan to Pegasus Development Company Ltd to turn 595.83 acres of undeveloped land in May Pen, Clarendon, into residential housing and commercial development.

According to the company, the two-year private loan gave Pegasus the working capital and soft costs it needed to begin construction on approximately 4,500 three-bedroom/three-bathroom residential units, as well as some light commercial development. The project will consist of three phases.




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