Pellerano & Herrera assisted Scotiabank in financing of US Embassy’s residential compoundPublished on:
Pellerano & Herrera advised Scotiabank in the financing granted to US Overseas Housing, LLC for the construction of a residential compound for employees of the United States Embassy in Santo Domingo. The legal team was led by partner Luis Rafael Pellerano, senior associate Joanna Bonnelly, and associate Paloma Grullón.
The deal was unusual for the Dominican Republic, as the project was developed to provide atypical residential compound for the employees of the foreign diplomatic mission and the whole project was granted as the guarantee, which is the property of an embassy, and therefore of a foreign government.
This project consists of 75 new residential units in a secure compound, intended to house U.S. personnel working at the United States Embassy in Santo Domingo, Dominican Republic.
The US government invested approximately US$40 million in the project and it constitutes a precedent in the Dominican Republic in investments of this type and magnitude.