First Rock Capital Holdings Limited has made another massive investment in the Cayman Islands, totaling over US$3M. This follows the acquisitions made in August 2019 through its subsidiary First Rock Capital Cayman Limited, that executed a US$3 million deal, deploying capital in a luxury development in the West Bay area of Cayman.
According to Ryan Reid First Rock Group Co-Founder & CEO, First Rock Capital Cayman Ltd, has acquired five (5) luxury residential units on the seven-mile beach in Grand Cayman.
“First Rock Cayman has secured financing in the amount of US$1.619 million dollars towards the acquisition of the units in Grand Cayman. The total cost of the acquisition is US$3.1million,” Reid confirmed.
First Rock Capital has been forthcoming in attracting great partnerships, as it makes major injections into various real estate and private equity ventures locally and overseas. Having led a successful capital deployment strategy in Jamaica, in accordance with its corporate plan, First Rock Capital saw expansion and capital deployment overseas as a natural progression. The real estate and private equity company with regional subsidiaries has been aggressive with its overseas acquisitions.
“We started working on this transaction in 2019. The due diligence requirements for establishing a banking relationship in Cayman, are quite rigorous, especially in seeking debt financing. In 2020, the Covid-19 pandemic caused banks to significantly tighten their lending requirements. However, after steadfast negotiations, we were still able to achieve a flexible structure that perfectly aligns with our objectives, and at a rate much lower than those currently on offer in the local market. It is also a testament to the confidence reposed in us by CBIC First Caribbean (Cayman) in facilitating this cross border financing” said First Rock Group AVP of Finance & Planning, Shaun Myers.
CIBC is elated at the partnership and expresses confidence in the deal.
Senior Corporate Banking Manager at CIBC First Caribbean, Catherine Bryan, stated, “we are delighted to partner with First Rock Capital Cayman Ltd to provide this financing especially at this time. Despite some economic head winds regionally, this deal is an expression of confidence in regional businesses to weather the storms occasioned by the Covid-19 pandemic and emerge stronger. Our bank is known for its innovative and personalized approach to providing unique banking solutions to our clients, and our specialized team was happy to work with First Rock Capital Cayman Ltd to tailor a financial package uniquely suited to their needs at this time”.