Business

CIBC FirstCaribbean, Kingston Properties sign US$5-m loan

Friday, November 16, 2018

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CIBC FirstCaribbean International Bank and Kingston Properties Ltd (KPREIT) have signed a US$5.06-million loan which will support the refinancing and acquisition of property.

The loan features both US and Jamaican dollar tranches to meet the needs of Kingston Properties.

The secured financing arrangement will see KPREIT acquiring a 32,000-sq-ft commercial building in New Kingston which will expand the Jamaica portfolio of the 10-year-old real estate investment firm.

“With various sectors working to achieve growth in key segments of the economy, there is a clear need for more commercial space,” CIBC First Caribbean Managing Director Nigel Holness said. “Our bank is pleased to support the expansion plans of Kingston Properties and, by extension, the local corporate sector.”

Kingston Properties CEO Kevin Richards praised CIBC FirstCaribbean for “living up to its promise of innovative banking that meets the needs of its clients”.

“As we celebrate 10 years of successful operations, KPREIT is in expansion mode and we are happy to have found a bank which understands our business, respects our achievements, and supports our vision,” Richards said.

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