EBR received the financing from HVB Real Estate Capital, a London-based unit of Germany's HVB financial group, Kevin Clemente, president and chief executive officer of EBR Holding, tells Globest.com.
The money will help pay for Emerald Bay, a 470-acre resort community being developed on Great Exuma island in the southern Bahamas. The project includes a $245 million, 219-room resort on 26 acres, which will be run by Four Seasons Resorts and Hotels.
The resort also features an 18-hole golf course designed by professional golfer Greg Norman. Nine holes of the golf course have been completed, as has 80% of the infrastructure for the resort, Clemente says.
EBR Holdings also says it has secured $25 million to date for properties that will host estates, villas and condominiums. The residences are projected to sell for $500,000 to $4 million-plus each, the company says.
Great Exuma is the largest island in the 130-mile chain of some 365 islands that starts 35 miles southeast of Nassau. Great Exuma is about 285 miles from Fort Lauderdale.
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