FirstRock gets financing commitment from Costa Rican creditor

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Durrant Pate/Contributor

FirstRock Real Estate Investments, through its Costa Rica-based subsidiary, FirstRock Latam S.A., has received commitment from a local creditor to develop two commercial properties in the Central American country.

BAC Credomatic, a financial group in Central America has committed to finance FirstRock’s acquisition and development of the commercial properties in Costa Rica. This is the second cross-border financing transaction for the group, and FirstRock’s first in Latin America. 

When contacted Shaun Myers, FirstRock’s vice president of finance & planning, declined to indicate the amount of money committed by the Costa Rican creditor but told Our Today, “despite the high interest rate environment regionally, the financing is at single-digit pricing, and is expected to be disbursed in tranches over the next six months to fund the acquisition and development of two commercial properties in Costa Rica.”

He adds, “BAC Credomatic is one of the largest financial conglomerates in Latin America, and this transaction is testament to the confidence they have developed in us throughout our approximate two-year business relationship.” 

BAC Credomatic has operations in Nicaragua (where it was founded and former headquarters in the capital Managua), Costa Rica (current headquarters), Panama, Guatemala, El Salvador, Grand Cayman, The Bahamas and United States.

FirstRock has been keen on the Costa Rican market, engaging in a major real estate deal two years ago with local engineering company Grupo Inmobiliario del Parque to execute ‘Torres Los Yoses’, a multi-storey residential development in the capital San José. This development involved the construction of over 160 one-bedroom units.

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Norman Reid

FirstRock Real Estate Investments Limited

Mr. Norman Reid is the Chairman of First Rock Real Estate Investments. He is a career Banker and has served the Financial Services Sector for over 40 years with his most recent post being Senior Assistant General Manager for Retail Banking at NCB. His expertise includes Risk Management, Leadership, Sales Management and Governance.

He serves as Chairman of the EXIM Bank, and is a Director of the Western Regional Health Authority and Sam Sharpe College. Norman holds a BA in Banking and Finance, a Diploma in Banking (ACIB) and a Diploma in Retail Banking from the BAI (BANK Administration Institute) USA. He is also a Fellow at the Institute of Banking and Financial services in the UK. Mr. Reid was also appointed as a mentor to the Emerging Leader Initiative administered by the Bank Administration Institute.