NewsWhore
03-05-2012, 04:50 PM
A Wall Street Journal follow-up story on the would-be Westin Roco Ki resort and residential development in Macao beach, north of Punta Cana on the east coast, concludes that most purchasers in the development want to hang in there and see their homes finished. They are hoping for an investor to rescue the project that came to a halt when the US recession and financial crisis ended the flow of new investors bringing cash into the project in 2008.
The project still has a nine-figure debt, including at least US$82.4 million owed to the Bank of Nova Scotia and US$31.5 million owed to the European Investment Bank, according to a project outline circulated to potential new investors last year. Two Dominican banks also have US$12 million in loans on the resort, according to the WSJ article.
It carries a statement by Robert Sterling, a Charlotte paper broker who paid $900,000 in deposits for a four-bedroom, beachfront home at Roco Ki, saying that he and fellow buyers are willing to be accommodating of any new investor and wait another couple of years for the resort to be completed and are not trying to get a refund. Instead, they want their vacation homes completed. "I'm not really interested in getting my money back," he said. "It's a wonderful place, and it would be spectacular to have a home there and have friends join us down there."
http://blogs.wsj.com/developments/2012/03/02/vacation-home-buyers-at-dominican-resort-await-rescue-investor/
More... (http://www.dr1.com/index.html#8)
The project still has a nine-figure debt, including at least US$82.4 million owed to the Bank of Nova Scotia and US$31.5 million owed to the European Investment Bank, according to a project outline circulated to potential new investors last year. Two Dominican banks also have US$12 million in loans on the resort, according to the WSJ article.
It carries a statement by Robert Sterling, a Charlotte paper broker who paid $900,000 in deposits for a four-bedroom, beachfront home at Roco Ki, saying that he and fellow buyers are willing to be accommodating of any new investor and wait another couple of years for the resort to be completed and are not trying to get a refund. Instead, they want their vacation homes completed. "I'm not really interested in getting my money back," he said. "It's a wonderful place, and it would be spectacular to have a home there and have friends join us down there."
http://blogs.wsj.com/developments/2012/03/02/vacation-home-buyers-at-dominican-resort-await-rescue-investor/
More... (http://www.dr1.com/index.html#8)