Sun | Mar 18, 2018

Kingston Properties secures US$4.5m financing, buys three condos

Published:Saturday | April 30, 2016 | 10:19 AM

The residential portfolio of Kingston Properties Limited now holds 27 units, with the closure of a deal for three condo apartments in Miami.

The company announced at the same time in a market filing on Friday that it has secured US$4.5 million of debt financing to be drawn down as needed to fund future investments in Jamaica and overseas.

Kingston Properties owns and manages residential and commercial real estate in Jamaica and Florida. It has plans to construct a residential complex in Westmoreland, taking on a new role as real estate developer.

The latest acquisition of the three condominium units at Opera Tower in the downtown Miami area was executed under the United States’ 1031 Exchange programme, which allows property owners to defer capital gains tax when the registered property is sold, Kingston Properties said.

This transaction follows the disposal of 19 units held by Kingston Properties in the Little Havana section of Miami late last year. At the end of 2015, the real estate investment trust had 153,388 square footage of commercial residential and development property under management.