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Venetian West Developer Investment Reaches $17m

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

The Venetian West developer has invested some $17 million in the western New Providence gated community to-date, with about 100 units in the development’s first phase having been reserved thus far.

Brickell Management Group, the management company for Venetian West, has also announced a partnership with Bank of the Bahamas (BOB) that will see the latter provide an “exclusive” financing package for potential buyers.

The package, according to BMG sales and marketing manager, Cara Seymour, includes “low interest rates, fast turnaround times and a pre-approved Visa Gold card”.

“By partnering with Bank of the Bahamas, qualified buyers will have increased financing opportunities to realise their home ownership dreams, while also benefiting from other value-added offerings available for Venetian West buyers,” said Ms Seymour.

Phase One of the development, which is being carried out by the Quantas Investment Group, includes a mix of 211 condominiums and town homes.

“Approximately 100 units have been reserved or occupied at this time,” said Ms Seymour.

“Construction is ongoing and investment to date is $17 million. Once completed, an investment of $38 million would have gone into Venetian West.”

The Bank of the Bahamas/Brickell Management deal is expected to launch this Saturday at an open house event at Venetian West in Old Fort Bay Town Plaza.

“The event will be a great opportunity for qualified buyers to not only tour the Venetian West models and see the construction progress thus far, but also liaise with Bank of the Bahamas loan officers who will be on hand to assist buyers with the starting the loan process,” said Ms Seymour.

Comments

Sickened 5 years, 8 months ago

100 units reserved/occupied at say $250k per unit gives the developer about $25 million so far on about a $17 million investment. These numbers boys are making a lot of clean money with their ill-gotten gains. Crooks sure do well in The Bahamas with the help of corrupt government officials. I wonder how many MP's got 'loans' from BoB with no collateral for these Venetian units?

This development is basically high end government housing that will most likely turn into the slum of the west. If only they hid the development further in the bush.

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Well_mudda_take_sic 5 years, 8 months ago

Rumours abound that Branville McCartney is a big time investor/developer in Venetian West and that Bank of The Bahamas (BOB) financed a multi-million dollar portion of his investor/developer stake with credit facilities that have been defaulted on. Don't expect a denial from the DNA leader though as apparently there are just too many documents floating around with his signature on them to corroborate the rumours! Christie does indeed play the dirtiest of politics!!

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ThisIsOurs 5 years, 8 months ago

Money laundering today is a sophisticated operation, it's not so much bags of money funnelled through a corner store. Weird, Compliance guidelines mean nothing seemingly.

My understanding is the criteria for qualifying is very relaxed. to add insult to injury, prospective buyers are being lured into the honeypot with an offer of a Visa GOLD card? And Bank of the Bahamas wants us to have faith in their credit management?

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