Dolphin Capital gets approval for €100 million credit facility

By Sara Rosenberg

New York, Feb. 26 - Dolphin Capital Investors Ltd. received approval from a bank for a €100 million 13-year asset-backed bank loan, according to a news release.

Pricing on the loan is Euribor plus 400 basis points.

There is a 50 bps arrangement fee.

Proceeds will be used for the construction and development of the first phases of projects in Greece and Cyprus, namely the Porto Heli Collection and Venus Rock Golf Resort.

Some of the proceeds can also be used for further land acquisitions in these projects and for refinancing part of Dolphin's invested equity.

Closing on the loan remains conditional on the completion of due diligence on the project companies, the bank's valuation of the underlying assets and legal documentation.

Dolphin is a real estate investment company and the leading investor in the residential resort sector in southeast Europe.

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