Pellerano & Herrera assisted in financing of sustainable tourism development TropicaliaPublished on:
Pellerano & Herrera assisted International Finance Corporation (IFC) and IDB Invest in financing of real estate complex “Tropicalia”, located in Miches, Dominican Republic, developed by Cisneros Real Estate. The firm’s legal team was led by partner Carolina León.
For the financing of this $258 million project, IFC and IDB Invest provided loans for $79.5 million and $40 million, respectively. As part of the financing package, IFC mobilized $34 million from institutional investors through its Managed Co-Lending Portfolio Program. The IFC loan was entirely financed through Green Bonds, given Tropicalia’s projections for energy efficiency and other environmental considerations. IFC’s Green Bonds program supports climate-smart investments as part of a broader shift toward a resilient, low-carbon global economy. This is the first financing by IFC and IDB Invest as sustainable high-end resort in Latin America and the Caribbean.
Tropicalia is a sustainable resort in the Dominican Republic expected to start operations in 2021. The project is expected to create 1,800 jobs during construction, 500 jobs during operations and an inclusive supply chain that will link dozens of local entrepreneurs and farmers to hotel and tourist demand. Eventually, the hotel will source up to 70 percent of its food from the Dominican Republic—with more than a third coming from producers in Miches and nearby communities.
Pellerano & Herrera has been the leading law firm in the Dominican Republic for more than 30 years and has participated in the largest and most important cases and transactions in the country. The firm has the most complete and multidisciplinary team of lawyers, with vast experience in more areas of practice than any other firm in the country. Pellerano & Herrera is the exclusive member firm in the Dominican Republic for Lex Mundi – the world’s leading network of independent law firms with in-depth experience in 100+ countries worldwide.