The news out of Puerto Peñasco (Rocky Point) today is a second condominium resort under development that has secured a significant partnership with a private U.S. capital company. A week after Omega Commercial Finance Corp announced its joint venture with BBB Developments to help finance the continuing development of Los Corales Condominiums in the Mirador area, Strategic Capital Solutions out of New York announced a major equity investment in Villa Cortez, located in Playa La Jolla.
According to the press release, certain contingencies, such as finalizing the paperwork on a construction loan for the first phase of Villa Cortez (to be provided by Strategic Capital) and hiring an experienced hotel management company to run the resort, still need to be met for the project to move forward. But it is another good sign that some of the condominium developments in Puerto Peñasco are beginning to find creative ways in slower times to move forward and get projects built (despite these equity infusions not necessarily being that favorable to the developer's profits).
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