IDB Invest, a member of the Inter-American Development Bank (IDB) Group, provided a $21.5 million loan to subsidiaries of Grupo Promerica and Portafolio Inmobiliaria S.A. for the long-term refinancing of the construction loan of a university campus in the city of San José, in Costa Rica, which will be the satellite headquarters of the American institution Texas Tech University. The campus will offer four-year university studies with international recognition.
The new educational infrastructure with capacity of 1,500 students offers the opportunity of earning a university degree under the educational model of the American university at a lower cost in relation to the cost in Texas. Studies offered will focus on areas responding to labor gaps in Costa Rica –electrical and industrial engineering, computer science, mathematics, business administration, retail and institutional management of restaurants and hotels. All courses will be taught in English.
The operation consists of an IDB Invest financing of $12.1 million with a tenor of up to 17 years and the mobilization of $9.4 million plus with a tenor of up to 15 years. IDB Invest has incorporated three international commercial banks into the operation.
The construction of the campus incorporated concepts of sustainability and seeks to obtain LEED Silver certification for the exterior of the building and LEED Platinum for the interior. The subsidiaries are committed to creating a social and environmental unit, including a team that will be responsible for the planning, implementation and monitoring of all environmental, social, health and safety actions required. The objective of these actions is to improve the sustainability of the project in the long term.
IDB Invest, a member of the Inter-American Development Bank (IDB) Group, is a multilateral development bank committed to promoting the economic development of its member countries in Latin America and the Caribbean through the private sector. IDB Invest finances sustainable enterprises and projects to achieve financial results that maximize economic, social and environmental development for the region. With a portfolio of assets of $12.1 billion under management and 329 clients in 21 countries, IDB Invest works across sectors to provide innovative financial solutions and advisory services that meet the needs of its clients.
About Portafolio Inmobiliario
Portafolio Inmobiliario is one of the main developers of housing projects, shopping centers, offices and mixed use of the Central American region. It was founded in 1998 and consolidated in 2004 as a Real Estate and Real Estate Development company. In Costa Rica it is one of the largest developers, with nearly $450 million in assets under its operation. The company focuses on not only profitable projects, but above all that have a real impact on improving the quality of life of Costa Ricans, creating spaces that cause memorable experiences. Real Estate Portfolio seeks to be the catalyst that transforms cities into urban spaces that cause belonging.
About Capital & Advice
Part of the Promérica Group, Capital & Advice (C & A) is an investment banking and financial consulting firm specialized in structuring capital and mergers, as well as acquisitions, in Costa Rica and the rest of Central America and the Caribbean. C & A has served as the originating and advising agent of both Real Estate Portfolio and Texas Tech University-Costa Rica in the structuring of this loan with IDB Invest.