Mortgage IT to provide $500 Million in Residential Mortgage Financing in the Dominican Republic
MortgageIT, Inc., a subsidiary of Deutsche Bank, today announced that it has agreed to make available $500 million in residential mortgage financing to qualified purchasers of properties within Cap Cana, a luxury real estate and tourism destination located on the eastern shore of the Dominican Republic.
"This is a landmark transaction which will allow consumers to access long-term mortgage financing in the Dominican Republic for the first time,” said Doug Naidus, Managing Director and Americas Head of Residential Mortgage Origination at Deutsche Bank. “We are extremely enthusiastic about bringing this kind of liquidity to the Latin American and Caribbean market.”
“MortgageIT’s commitment to the project underscores the appeal of Cap Cana to sophisticated investors,” said Dr. Ricardo Hazoury, President of the Board of Cap Cana. ”We are confident that this financing program will accelerate and increase our overall sales effort.”
For further information, please call:
Michele Allison (212) 250-4864
Press & Media Relations
Saraida De Marchena Kaluche (809) 472-2525 Ext.2238
Directora de Relaciones Publicas
About Deutsche Bank
Deutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. A leader in Germany and Europe, the bank is continuously growing in North America, Asia and key emerging markets. With 75,140 employees in 75 countries, Deutsche Bank offers unparalleled financial services throughout the world. The bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.
About Mortgage IT
MortgageIT, Inc., a subsidiary of Deutsche Bank, is a New York City-headquartered residential mortgage banking company. Originally founded in 1988, MortgageIT originates residential mortgage loans of all types and is one of the largest residential mortgage companies in the US. MortgageIT continues to expand its product offering to qualified purchasers of residential properties at select luxury resorts across the Caribbean and Latin America. This expansion primarily involves making available permanent and construction-to-permanent financing to eligible borrowers who are citizens and residents of the United States, Canada and the United Kingdom, and considering applicants from other European countries.
About Cap Cana
Located on the Eastern tip of the Dominican Republic, Cap Cana is called “The World’s Next Great Destination”. It is the most important tourism and real estate project in the Caribbean, spanning more than 30,000 acres with over three miles of white-powder sand beaches. Cap Cana is a project recognized for its ambitious dimensions as a fully integrated luxury community.
At the completion of the master plan, Cap Cana will feature more that 5,000 residential units and at least four luxury hotels. Also included are five golf courses, three of them Jack Nicklaus Signature (the first, Punta Espada, opened in November 2006) and the area’s most state-of-the-art marina featuring over 1,000 slips catering to mega yachts up to 150 feet (inaugurated the first step of the first phase in April 2007). Additional services and amenities include elegant boutiques, fine dining restaurants, world class spas, exclusive membership clubs, water sports, polo, and horseback riding facilities, to name a few.