Company name

Paladin Realty Partners

Project number

13426-01

FI-2 operations are those where the risk potential is considered medium: the FI’s current or future portfolio consists of or is expected to consist of, business activities that have potential limited adverse environmental or social risks or impacts that are few in number, generally site-specific, largely reversible, and readily addressed through mitigation measures; or includes a very limited number of business activities with potential adverse environmental or social risks or impacts that are diverse, irreversible, or unprecedented.

E&S category
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FI-2

Country

Regional

Sector

Investment Funds

Status

Proposed

Disclosed date

07/29/2021

Projected date at which a project will be put forward for the Board of Executive Directors’ approval.

Projected board date
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10/12/2021

Approval date

N/A

Signed date

N/A

Sponsoring entity

N/A

Team leader

Parodi Serpa, Alberto Enrique

Investment type

Financing requested

N/A

Syndicated amount

USD $ 8,750,000

Financing amount

USD $ 1,250,000

Currency

USD

Project scope and objective

IDB Invest is considering an investment of up to US$10 million (including a US$5 million Blended Finance ("BF") equity participation with resources from the Climate Investment Funds and additional resources from IDB Invest's administered funds) in the Paladin Realty Latin America VI (Zero Carbon Affordable Housing) Fund (the “Fund”). The Fund will invest in the development of sustainable affordable housing, focusing on the development of dwellings that comply with the Excellence in Design for Greater Efficiencies (“EDGE”) standards, a green building certification system focused on making buildings more resource-efficient, providing savings to homeowners of at least 20% on energy, water, and embodied energy in materials vis-à-vis traditionally constructed homes. The BF investment aims at incentivizing the Fund to reach the highest level of EDGE certification, EDGE Zero Carbon, across the Fund's portfolio of assets.

The Fund will be managed by Paladin Realty Partners, an established investment manager with more than 20 years of experience in the development of housing in the region.

The Project aims at increasing the availability of capital for the development of sustainable housing, undertaken by mid-sized developers, and targeting middle-income populations of Mexico, Colombia, Brazil, and Peru.

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Environmental and social review

IDB Invest conducts an environmental and social due diligence (ESDD) commensurate with the nature, scale, and stage of the project, and with its level of environmental and social risks and impacts. The ESDD will confirm the project E&S categorization and assess the project with respect to the client requirements in IDB Invest Environmental and Social Sustainability Policy. The results of the ESDD, including any identified gaps are described in the Environmental and Social Review Summary (ESRS) provided below. Any gaps with respect to the IDB Invest Sustainability Policy at the time of the ESDD are addressed in the Environmental and Social Action Plan (ESAP) provided below.

UPDATED ESRS PALADIN ENG AS ABS

194.6 Kb

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Contact information

For inquiries, comments and information requests about the project

Request information

Alternatively, you may also use the following contact information:

Client Contact

CONTACT NAME

Randall Loker

POSITION

Managing Director, Chief Investment Officer

PHONE NUMBER

1 310 996-8754

EMAIL

rloker@paladinrp.com

IDB Invest Contact

EMAIL

requestinformation@idbinvest.org

PHONE

+1(202)-566-4566

ADDRESS

1350 New York Ave NW, Washington, DC 20005

COUNTRY OFFICES

IDB Invest Country Offices