Juan Dolio, Dominican Republic.– While many real estate developers from around the world are postponing or canceling projects due to lackluster sales and inadequate funding, Group Metro, one of the leading real estate and transportation companies in the Dominican Republic has bucked this trend. Group Metro today announced that it closed a US$35 million growth capital investment with Portland Private Equity.

The funds, earmarked for Las Olas, an oceanfront condominium complex in Juan Dolio, will enable the company to continue its expansion plans for the up-and-coming region of the Dominican Republic. “Las Olas construction is scheduled to reach the halfway mark before the holidays, so the timing of this capital injection coincides perfectly with our need to purchase important components such as fixtures and finishing elements,” stated Luis Jose Asilis, CEO of Group Metro.

“This will allow us to capitalize on cost saving opportunities through bulk advance purchasing of materials, which will be passed on to our clients in the form of a higher quality end product,” he added.

Located in Juan Dolio, 35 kilometers from Santo Domingo, the capital city of the Dominican Republic and 15 kilometers from the Las Americas International Airport, Las Olas is a sixteen level Art Deco style beachfront condominium that features 227 apartments showcasing open spaces and panoramic views of the Caribbean Sea.

Residents will also have exclusive memberships to the nearby Metro Country Club, which features an expansive Clubhouse, the Las Marlins 18-hole golf course, mini golf, tennis courts, swimming pools, restaurants, preferential access to the in-resort Embassy Suites Hotel, and much more.

Portland Private Equity, the private equity manager of the AIC Caribbean Fund, stated, “We are pleased to partner with a fast growing and successful company like Group Metro, the market share leader for beach front condominium apartments in the southern coast of the Dominican Republic,” said Managing Partner Kip Thompson. “We are bullish on this development as it offers many advantages compared to the other tourism dependent real estate projects in the region that we look at.

The Juan Dolio area is fast becoming a suburb to Santo Domingo and the affordable luxury emphasis of Las Olas opens up the opportunity to local and ex-pat Dominicans to buy a condo as a second home.”

Portland Private Equity will also participate on Metro Country Club’s board of directors and will provide the board with global industry insight and international investment banking experience. “In addition to being a strong financial supporter,” continues Asilis, “Portland Private Equity’s participation on Metro Country Club’s board will play a key role in guiding our expansion strategy.”