Sygnus Real Estate Finance Limited (SRF), the real estate financing company within the Sygnus Group, is investing US$3 million in a high-end residential development in Ironshore, Montego Bay.

The 1.4-acre land development named Surreal at The Sugar Mill, according to SRF, will be a gated community of one-three bedroom units and three-bedroom villas, with 24-hour security, closed-circuit television, and other amenities.

According to SRF, the complex is scheduled for completion in early 2021 and is targeted at families and corporate organisations that are interested in acquiring or renting/leasing their own properties, foreign investors who are interested in owning vacation homes in Jamaica, and investors looking for a good return on their investment.

Surreal at The Sugar Mill is exclusively listed with Re/Max Elite and the one-bedroom unit prices start at US$197,400.

In August, Sygnus completed a successful private placement for $2.3 billion from investors, largely pension funds, and has been mandated on six projects valued at US$30 million, which it intends to execute these projects on its own or through joint-venture partnerships.

According to the company, capital will be deployed in these projects as either debt or equity in keeping with the company’s strategy to bring flexible capital to unlock value in real estate assets.

Head of real estate and project finance at SRF, David Cummings indicated in a press release that the company is taking a partnership-based approach to its real estate projects as a means to combine creativity with flexible capital.

“We find that this enables innovation and delivers the most value, thereby creating a formula for mutual success, and we look forward to working with like-minded partners in all classes of real estate assets, including hospitality, commercial, residential, and industrial across Jamaica and the wider Caribbean,” Cummings stated.

The majority of these projects will be commercial developments, including industrial infrastructure, warehouses and parking facilities, as well as corporate office complexes that are located in key locations around Kingston and St Andrew.

SRF seeks to finance real estate assets using flexible capital, such as debt and equity, via non-traditional structures, including profit sharing notes and mezzanine financing, an innovative model consistent with the group’s independent and non-traditional approach to delivering financial solutions.

Sygnus is a Caribbean-based non-traditional financial solutions firm that offers investment banking, investment management, and tax advisory services.