MULLINGS...we have a problem with housing in Jamaica; we need our local Jamaicans, our teachers, and our firefighters to have housing, so we are specifically targeting local Jamaicans getting a chance to buy and own their own house.
Blue Mahoe Capital takes on Jamaica’s housing crisis
BLUE MAHOE Capital Inc, a US-based impact investment firm, has launched a Caribbean Diaspora Bond offering to finance affordable housing projects in Jamaica, providing investors with fixed returns while supporting community development.
The bond offering, available to US-based investors, aims to address Jamaica’s critical housing shortage while offering a secure investment with guaranteed returns.
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“I served on the Jamaica Diaspora Advisory Board, and we spent too much time talking about a Diaspora bond. Now, we’ve created a transparent, audited, and regulated structure to build trust among investors, particularly the Caribbean Diaspora,” said David Mullings, founder, chair, and CEO of Blue Mahoe Capital. “This bond offering provides a stable investment option while contributing to critical housing development in the Caribbean,” he explained.
The Diaspora bond offering aimed at Caribbean expatriates was launched on Thursday, seeking to tap into the financial resources of the Diaspora community to support development projects in the region.
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The bond, structured under Regulation CF of the JOBS Act, offers a five-year term with an annual interest rate of 10per cent, paid semi-annually. The bond is priced at $100, with a minimum purchase requirement of one bond, making it accessible to retail investors.
The offering is managed through a special purpose vehicle, Blue Mahoe Real Estate Partners. The Caribbean Diaspora bond is available for purchase by US residents through the SEC-regulated website www.islandforward.com.
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Proceeds from the bond offering will be used primarily to finance affordable housing projects in Jamaica, including the flagship Penn Village development in Old Harbour.
Penn Village, a 700-unit project, has already generated significant interest, with over 274 potential buyers expressing interest in the first 200 homes. The initial phase of the project is valued at $8 million.
“We really wanted to come in for one person’s NHT [National Housing Trust] to qualify them to purchase,” Mullings told ther Jamaica Observer.
While the homes are available for purchase by all Jamaicans, Blue Mahoe Capital is giving priority access to locals, allowing them a fair opportunity to own affordable housing within their income range, ahead of Diaspora buyers.
“We have a problem with housing in Jamaica; we need our local Jamaicans, our teachers, and our firefighters to have housing so we are specifically targeting local Jamaicans getting a chance to buy and own their own house,” he stressed in an interview with the Business Observer.
The bond offering is a privately led initiative, with no Government involvement.
Blue Mahoe Capital plans to expand its affordable housing development pipeline, with three additional projects already underway in Bernard Lodge, Portmore, and St Thomas. The company is also eyeing a potential new development in Westmoreland, as part of its broader efforts to address Jamaica’s housing shortage.
“We are open to finding partners, reputable partners or developers who would like to bring Diaspora funding to help them build affordable houses in Jamaica,” said Mullings.
The company plans to assess the success of its US bond offering and may expand to Canada and the UK later in 2025, pending demand.
The bond offering, which aims to raise US$5 million, will be available for 12 months, expiring on January 31, 2026 or upon reaching the fund-raising goal, whichever occurs first.
