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Construction/Real Estate Briefs


October 3, 2002
Copyright © 2002 CARIBBEAN BUSINESS. All Rights Reserved.

Doral Bank issues $10 million loan to Vistas del Pinar in Toa Alta

Doral Bank recently issued a $10 million construction loan to Vista del Pinar Inc., developers of Vista del Pinar apartment complex in Toa Alta.

Vista del Pinar is a 96-unit, controlled access walk up apartment complex. The two and three bedroom apartments will have 983 square feet and 1,450 square feet of living space, respectively. All apartments will have two bathrooms and two parking spaces.

Recreational facilities will include swimming pool, gazebo, playground, and an activity area for children and adults.

Prices start at $118,000 and mortgage financing is provided by HF Mortgage Bankers. Delivery of first units is slated for summer 2003. Orion Contractors is the general contractor.

DTPW & Institute of Culture join forces to restore and preserve historical documents

The Department of Transportation and Public Works (DTPW) and the Puerto Rico Institute of Culture (PRIC) will invest $2.5 million in an inter agency effort to rescue and preserve more than 8,000 blueprints and 6.7 million portfolios relating to the island’s infrastructure history.

DTPW and PRIC signed a collaborative agreement in which DTPW will provide a location and financing for the project, while the PRIC will be responsible to develop all the stages of the five-year restoration project. The Public Works Document Fund will be located on the second floor of the Quinto Centenario plaza in old San Juan.

Both government agencies will assign $1 million to start the project, which will be used for equipment purchase and location set up. DTPW will provide with the annual funds needed for personnel and materials during the duration of the restoration project.

BBVA grants $9.2 million loan to Santa Rita 3 in Juana Diaz

The real estate financing division of Banco Bilbao Vizcaya Argentaria Puerto Rico (BBVA) recently issued a $9.2 million construction loan to IDI Santa Rita 2 Inc., developers of Santa Rita 3 residential complex in Guaynabo.

Santa Rita 3 is a 195-unit, single-family, social interest residential complex located on the Peñoncito Sector of Sabana Llana Ward in Juana Diaz. The project was designed by the architect firm of Jose Luis Irizarry and Associates.

Santa Rita 3 has been endorsed by the Puerto Rico Department of Housing’s New Housing Program for 183 units. These units will have a maximum selling price of $70,000. The remaining 12 units have a selling price of $75,000 and will include grass, underground garbage cans and front glass windows.

With 790 square feet of living space, the single story units have three bedrooms, one bathroom, kitchen, living and dining rooms, plus a carport for one vehicle on 300 square meter lots. Units will come equipped with a water cistern.

Delivery of first units is slated for January 2003. OrEd Realty is in charge of sales. Robles Asphalt and Elines Construction S.E. are the general contractors.

This Caribbean Business article appears courtesy of Casiano Communications.
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