MoneyMasters closing on 14 projects worth $1.9b

MoneyMasters Limited, MML, is getting ready to close on 14 live projects, slated for completion in another six months. The company is financing these projects to the tune of $1.9 billion.

MML President Claudette Crooks says there are another 10 projects in the pipeline that are pending approvals. Most of these projects, she says, are primarily in Kingston, St Ann and St James.

MML recently announced the completion of the Palazzo in Cardiff Hall, Runaway Bay, St Ann. The 10-unit apartment complex was constructed by GMG Development Limited with two- and three-bedroom apartments priced at US$280,000 and US$380,000, depending on square footage.

The units were quickly taken up by buyers, according to Crooks. She says this is one reason the company has decided to finance an even bigger GMG development project in the Bengal Beach area of St Ann. The 50-unit complex is awaiting approvals with preparatory work already under way. Crooks expects that construction should start in three months.

Companies Office of Jamaica records show that GMG was incorporated in July 2019. Gean Evans of the United States is majority shareholder, with 60 per cent of the shares, while Gianni and Malique Samuels each hold 20 per cent.

MoneyMasters Limited is part of a group of companies including: MoneyMasters Real Estate and Infrastructure Investment Limited, MoneyMasters Securities Limited, MoneyMasters Money Services, which includes a cambio, MoneyMasters Real Estate Holdings, and MoneyMasters Investments. The group was restructured in 2019, and MoneyMasters has since been focusing on structured financing by bringing together investors and developers together on risk-adjusted projects.

neville.graham@gleanerjm.com