Araya I

pending

Administradora de Fondos de Inversiones Universal, S.A. (https://www.afiuniversal.com.do/) (“AFI Universal”) is a fund manager based in the Dominican Republic (DR) with a total of 11 funds since inception, including real estate funds dedicated to housing developments in the DR for the low-income, touristic and urban segments. Grupo BAK, S.R.L. (https://grupobricket.com/) (“Grupo BAK” or the “Company”), is local developer. IFC’s proposed financing entails an up to US$20m senior secured loan to finance the development of the Araya Phase 1 housing project (“Araya” or the “Project”), located in Bavaro, in partnership with AFI Universal and Grupo BAK, (the “Sponsors”). The Sponsors will create a trust to manage the Project, with responsibility for architectural design, construction, and property management assigned to Grupo BAK, (including E&S management). The Project will consist of 462 apartments across 77 three-story buildings, plus 1,000 square meters of ground floor retail facilities. Onsite sports and recreation facilities will be included for use by residents. Grupo BAK is responsible for architectural design and construction, as well as property management until the development is fully completed, (which will coincide with the full repayment of the IFC loan). The Company purchased the land in December 2022, (6.5 hectares), and works so far have been limited to geotechnical, topographical, and environmental studies.