ULI Womens’ Leadership Roundtable

AG&T Supports the Next Generation of Women Leaders in Real Estate

 

At AG&T, we believe that the future of the real estate industry depends on cultivating diverse leadership, encouraging entrepreneurship, and creating opportunities for the next generation of professionals. These principles have guided our work for decades and remain central to our culture.

As part of that commitment, AG&T was honored to participate in the Urban Land Institute (ULI) Women’s Leadership Initiative (WLI) event, “Developing Your Entrepreneurial Leadership,” held in downtown Miami at Stantec’s offices.

The half-day program brought together accomplished developers, architects, entrepreneurs, and emerging industry leaders for an afternoon focused on leadership, mentorship, and professional growth. Organized by ULI WLI, the event featured three interactive components: a panel discussion, a live business case study, and speed networking sessions designed to foster meaningful industry connections.

Leadership Through Experience

The program opened with welcoming remarks from Lisa Neumayer, Chair of ULI Women’s Leadership Initiative, who recognized the importance of creating platforms where women can learn from experienced industry professionals while building valuable relationships.

The keynote panel featured three distinguished entrepreneurs:

  • Arden Karson, Karson & Company

  • Adriana Jaegerman, Stantec

  • Jay Massirman, Rivergate Companies

The discussion was moderated by Adam Greenfader, Chairman of AG&T, who guided a candid conversation on the realities of entrepreneurship and leadership. Topics included building successful companies, balancing professional and personal commitments, learning from setbacks, developing resilience, mentorship, and creating greater opportunities for women to thrive as entrepreneurs and industry leaders.

The discussion emphasized that successful leadership extends beyond financial performance—it requires curiosity, adaptability, collaboration, and a commitment to helping others succeed.

Encouraging the Next Generation of Entrepreneurs

One of the highlights of the afternoon was an interactive case study featuring Amanda Staerker, who presented her vision of transitioning from landscape architecture into the development of boutique hospitality projects throughout the Caribbean.

Participants and industry experts collaborated in reviewing her business strategy, offering practical advice on refining her development vision, strengthening her expansion plan, and positioning her concept for long-term success. The session demonstrated the value of mentorship and the willingness of experienced professionals to invest their time and knowledge in emerging entrepreneurs.

Building Meaningful Connections

The program concluded with speed networking roundtables, allowing participants to engage directly with panelists and fellow professionals. These conversations created opportunities for mentorship, collaboration, and the exchange of ideas across multiple disciplines within the real estate industry.

AG&T extends its appreciation to Sydney Ramirez, Senior Director of ULI Southeast Florida/Caribbean, Lisa Neumayer, Stantec, and the entire ULI Women’s Leadership Initiative team for organizing an outstanding program dedicated to advancing women in commercial real estate.

AG&T’s Commitment to Women’s Leadership

Supporting women in leadership is not a one-time initiative for AG&T—it is a long-standing commitment that is reflected throughout our work, our partnerships, and the organizations we support.

Throughout our history, AG&T has actively participated in programs that promote mentorship, professional development, and greater representation of women across the real estate, hospitality, finance, and development industries. We believe that diverse perspectives produce stronger projects, more resilient organizations, and better communities.

As a firm that develops projects throughout the Caribbean, we recognize that the most successful developments are built not only with capital and expertise, but with inclusive leadership that empowers talented professionals to reach their full potential.

Founded in 1998 and headquartered in Miami, AG&T has advised on and participated in more than 55 real estate development projects across Puerto Rico, Sint Maarten, Costa Rica, Panama, Mexico, the Dominican Republic, and other Caribbean markets. Beyond development and advisory services, AG&T remains committed to advancing industry leadership through education, mentorship, and collaboration with organizations such as the Urban Land Institute.

Why Puerto Rico? A Global Destination for Hospitality, Tourism, and Investment

Why Puerto Rico? A Global Destination for Hospitality, Tourism, and Investment

Discover Puerto Rico Tourism video (2:45 s)  highlights Puerto Rico’s unique selling proposition for tourism in 2022 and beyond. Interviews with Adam Greenfader of AG&T and Federico Stubbe of PRISA Group discuss the island’s rich culture, robust infrastructure, great airlift, and other benefits such as Federal tax incentives. Watch the video to learn how you can be part of Puerto Rico’s booming hospitality and tourism industry.

 

 Puerto Rico has entered one of the most dynamic periods in its modern history.

 

Long celebrated for its vibrant culture, stunning natural beauty, and strategic location in the heart of the Caribbean, the island has evolved into something even more compelling: a world-class destination for tourism, hospitality investment, and economic development.

To highlight this transformation, Discover Puerto Rico, the island’s official Destination Marketing Organization (DMO), produced a short video featuring industry leaders discussing the factors driving Puerto Rico’s remarkable growth. Joining the conversation were Adam Greenfader, Chairman of AG&T, and Federico Stubbe, President of PRISA Group, two long-time advocates for Puerto Rico’s hospitality and real estate industries.

The discussion explores why Puerto Rico is uniquely positioned to attract both visitors and investors.

Unlike any other Caribbean destination, Puerto Rico combines the lifestyle and natural beauty of the Caribbean with the legal protections, financial systems, and business certainty of a U.S. jurisdiction. This unique combination has helped the island attract international hotel brands, institutional investors, entrepreneurs, manufacturers, technology companies, and a growing community of business leaders seeking long-term opportunities.

A Competitive Advantage Unlike Anywhere Else

Puerto Rico’s investment story extends far beyond its beaches.

The island offers one of the most comprehensive business ecosystems in the Caribbean, supported by:

  • A robust U.S. legal and financial framework.

  • A highly educated and bilingual workforce.

  • Modern highways, ports, airports, and telecommunications infrastructure.

  • More than 20 direct destinations served by excellent airlift to the continental United States, Latin America, and Europe.

  • Competitive tax incentives supporting manufacturing, export services, hospitality, and new business investment.

  • A mature banking system and access to U.S. capital markets.

Combined with its strategic geographic location, these advantages position Puerto Rico as a natural gateway between North America, Latin America, and the Caribbean.

Hospitality Leading the Way

Tourism continues to be one of Puerto Rico’s most important economic engines.

Record visitor arrivals, expanding air service, increasing hotel occupancy, new luxury resorts, branded residences, and significant private investment have reinforced the island’s position as one of the Caribbean’s fastest-growing hospitality markets.

Yet Puerto Rico’s appeal extends well beyond leisure travel.

Visitors increasingly come to experience the island’s rich culinary scene, music, history, outdoor recreation, wellness experiences, cultural festivals, and entrepreneurial energy. This diversification has helped create a more resilient tourism economy capable of supporting long-term investment.

Public and Private Sector Collaboration

One of Puerto Rico’s greatest strengths has been the collaboration between the public and private sectors.

Created in 2017, Discover Puerto Rico has played an instrumental role in repositioning the island within the global tourism marketplace through innovative marketing, strategic partnerships, and destination branding. By working closely with government agencies, airlines, hotel operators, tourism stakeholders, and the private sector, the organization has helped elevate Puerto Rico’s international visibility while supporting record tourism performance.

Developers such as PRISA Group have also contributed significantly to this transformation. For more than three decades, PRISA has developed sustainable residential communities and luxury hospitality projects throughout Puerto Rico, demonstrating how thoughtful planning and long-term investment can strengthen both communities and the visitor experience.

AG&T’s Perspective

For more than three decades, AG&T has had the privilege of participating in Puerto Rico’s evolution.

Our work has extended beyond real estate advisory services to include market research, investment strategy, hospitality consulting, educational programming, and thought leadership designed to strengthen Puerto Rico’s connections with investors, developers, lenders, and institutional capital throughout the United States and internationally.

We believe Puerto Rico’s greatest opportunity lies not simply in recovering from past challenges, but in building a more resilient, diversified, and globally competitive economy.

Hospitality plays a central role in that vision.

It creates jobs, attracts international investment, supports local businesses, enhances infrastructure, and showcases Puerto Rico’s extraordinary culture to millions of visitors each year.

The future of Puerto Rico will be built through collaboration among government, private enterprise, developers, investors, entrepreneurs, and communities working toward a common goal.

This conversation with Discover Puerto Rico and PRISA Group reflects that shared commitment—and our collective belief that Puerto Rico’s best chapter is still ahead.

We invite you to watch the video and discover why so many investors, developers, and hospitality leaders believe that Puerto Rico’s time is now.

Why Puerto Rico? Understanding the Island’s Unique Investment Advantage

Adam Greenfader Investing Mastermind

Why Puerto Rico? Understanding the Island's Unique Investment Advantage

The Puerto Rico Investing Mastermind brought together investors, entrepreneurs, developers, attorneys, tax professionals, and economic development leaders to explore the opportunities reshaping Puerto Rico’s economy. Hosted in Condado, San Juan, the program focused on the island’s unique investment advantages, including its strategic relationship with the United States, Act 60 tax incentives, Qualified Opportunity Zones, real estate development, and emerging business sectors.

The program featured presentations and discussions led by Adam Greenfader, Chairman of AG&T; Ashley Tison, Opportunity Zone attorney and national expert; Brett Siglin, real estate investor and educator; Brian Bourgerie, entrepreneur and investor; Kathryn Morea, Puerto Rico business strategist; Joel Berrocal, economic development professional; Michael Gay, CEcD, economic development executive; Samira Yassin, CPA, Esq., tax and legal advisor; and Veronica Montalvo, business and investment advisor. Together, the speakers provided a multidisciplinary perspective on why Puerto Rico has become one of the most compelling investment destinations under the U.S. flag and how public policy, private investment, and entrepreneurship are helping shape the island’s next chapter of economic growth.

 

Puerto Rico occupies a unique position unlike anywhere else in the Caribbean.

As a U.S. territory, the island combines the legal certainty, financial framework, and market access of the United States with the strategic location, climate, and lifestyle of the Caribbean. This distinctive combination has made Puerto Rico one of the region’s most compelling destinations for business expansion, hospitality development, manufacturing, technology, and real estate investment.

These themes formed the basis of a recent Puerto Rico Investing Mastermind, where investors, entrepreneurs, developers, and business leaders came together to explore the opportunities shaping the island’s next chapter of economic growth.

Rather than focusing solely on individual investment opportunities, the discussion centered on a broader question:

Why is Puerto Rico attracting increasing attention from investors across the United States and around the world?

A Strategic Bridge Between the U.S. and the Caribbean

Puerto Rico offers advantages that extend far beyond its tropical setting.

Operating under the U.S. Constitution, federal banking regulations, intellectual property protections, and established legal framework, the island provides investors with a level of certainty that is difficult to replicate elsewhere in the region.

English and Spanish are widely spoken, the workforce is highly educated, and businesses benefit from direct access to the U.S. financial system while operating in one of the most strategically located jurisdictions in the Caribbean.

For companies serving both North American and Latin American markets, Puerto Rico functions as a natural gateway between the two.

A Competitive Tax Environment

Puerto Rico has also developed one of the most comprehensive economic development strategies in the United States.

Through Act 60, the island offers targeted incentives designed to encourage export services, advanced manufacturing, technology, research and development, hospitality investment, and new business formation. These incentives have helped attract entrepreneurs, investment managers, family offices, technology companies, and professional service firms seeking to establish long-term operations on the island.

The objective has never been simply to reduce taxes.

It has been to create jobs, diversify the economy, stimulate private investment, and encourage innovation across multiple industries.

As Puerto Rico continues to evolve, these incentives remain an important component of a broader economic development strategy focused on long-term competitiveness.

One of America’s Largest Opportunity Zone Markets

Another distinctive advantage is Puerto Rico’s extensive network of Opportunity Zones.

Approximately 98% of the island has been designated as Qualified Opportunity Zones, creating one of the largest concentrations of Opportunity Zone investment opportunities anywhere under U.S. jurisdiction.

These areas encompass urban redevelopment districts, waterfront communities, hospitality destinations, mixed-use projects, industrial properties, and significant portions of the island’s residential and commercial real estate market.

For developers and long-term investors, the Opportunity Zone program has provided an additional incentive to deploy capital into projects that contribute to economic revitalization while benefiting from favorable federal tax treatment.

Combined with local incentives, this creates a uniquely attractive investment environment.

More Than Tax Advantages

While incentives often attract initial attention, they are rarely the sole reason investors choose Puerto Rico.

The island offers a combination of characteristics that continue to drive long-term investment:

  • A highly educated bilingual workforce.

  • Strong manufacturing and life sciences sectors.

  • Expanding technology and innovation ecosystems.

  • Modern airports, ports, and telecommunications infrastructure.

  • World-class hospitality and tourism.

  • Access to U.S. capital markets.

  • A growing entrepreneurial community.

  • An exceptional quality of life.

Increasingly, investors are choosing Puerto Rico not simply because of tax policy, but because they recognize the island’s long-term economic potential.

A New Generation of Investment

Over the past decade, Puerto Rico has experienced the emergence of a new generation of entrepreneurs, investors, and business leaders.

Technology companies, digital asset firms, investment managers, manufacturers, hospitality operators, healthcare providers, and family offices have joined long-established local businesses in helping diversify the island’s economy.

At the same time, significant federal infrastructure investment has accelerated modernization efforts across transportation, energy, water systems, housing, and public facilities.

Together, these trends are creating one of the most dynamic investment environments in the Caribbean.

AG&T’s Perspective

Having worked in Puerto Rico for more than three decades, AG&T has witnessed the island’s remarkable evolution firsthand.

Our experience spans residential communities, hospitality developments, mixed-use projects, institutional advisory assignments, and strategic planning initiatives across the island.

Throughout that time, one lesson has remained constant.

Puerto Rico’s greatest strength is not any single incentive program. It is the combination of its people, its strategic location, its legal and financial framework, its entrepreneurial culture, and its unique relationship with the United States.

Those advantages cannot be replicated elsewhere in the Caribbean.

As Puerto Rico continues to strengthen its economy and expand its global connections, we believe the island is well positioned to become one of the leading destinations for investment, innovation, and sustainable development throughout the Americas.

The opportunity extends far beyond tax incentives.

It is about participating in the long-term transformation of one of the Caribbean’s most resilient and promising economies.

The Future of Caribbean Housing

The Future of Caribbean Housing

Join the Urban Land Institute SE Florida / Caribbean (ULI) for a one-hour virtual panel discussion with leaders throughout the Caribbean as they discuss both challenges and opportunities impacting The Future of Housing throughout Caribbean. 

Moderator : Emily Morgan, Land Development Manager, NVR Inc.,

Carlos Palacious, Managing Principal, Bron,

Michael Treacy Founder, PLUM

Gary Matalon, Director, CSI

Some of the discussion questions include:

  1. What Makes your Island Unique (regarding living and investment opportunities?
  2. What issues are you seeing today in housing & construction in your island?
  3. What new technologies have you integrated or used to help with these challenges?
  4. What incentives does your island provide for development current & future opportunities in housing, hospitality, or other related projects? 

 

The Outlook for Puerto Rico’s Housing Market

Puerto Rico Mortgage Bankers Association

The Outlook for Puerto Rico's Housing Market

In this interview with the Mortgage Bankers Association of Puerto Rico (MBA), Adam Greenfader, Chairman of AG&T, shares his perspective on the economic trends that were beginning to reshape Puerto Rico’s real estate market and why the island was entering a new cycle of investment and development.

 

As Puerto Rico emerged from one of the most challenging periods in its modern history, leaders from the island’s housing and financial sectors gathered to discuss the outlook for residential development, mortgage lending, and economic growth.

 

While the conversation originally focused on the twelve-month outlook, many of the themes discussed remain highly relevant today.

A Market Entering a New Cycle

Several powerful forces were converging to support Puerto Rico’s economy.

Historic levels of federal reconstruction funding were beginning to flow into infrastructure, housing, and public works. Private investment was increasing as entrepreneurs, manufacturers, hospitality companies, and technology firms expanded their presence on the island. At the same time, Puerto Rico’s competitive tax incentives and strategic position as a U.S. jurisdiction continued to attract new residents and businesses.

Together, these factors created renewed confidence in both the residential and commercial real estate markets.

Housing as an Economic Multiplier

One of the central themes of the discussion was the importance of housing.

A healthy housing market extends far beyond homeownership.

Residential development supports employment across construction, architecture, engineering, finance, legal services, manufacturing, retail, and countless local businesses. Every new home generates economic activity while helping strengthen communities and improve quality of life.

As Puerto Rico continues to modernize its infrastructure and attract new investment, the demand for quality housing remains one of the island’s most significant long-term opportunities.

The Role of Responsible Mortgage Lending

The Mortgage Bankers Association of Puerto Rico has long played an important role in promoting responsible lending practices, professional education, and sound mortgage underwriting throughout the island.

By bringing together lenders, financial institutions, regulators, and housing professionals, the Association helps strengthen confidence in Puerto Rico’s housing finance system while encouraging sustainable homeownership and responsible access to credit.

Strong financial institutions are essential to supporting long-term residential growth, particularly as new investment continues to enter the market.

Looking Beyond the Recovery

The discussion also emphasized that Puerto Rico’s future cannot depend solely on federal recovery funding.

While reconstruction dollars have accelerated economic activity, lasting prosperity will ultimately be driven by private investment, entrepreneurship, innovation, manufacturing, tourism, and continued confidence in Puerto Rico’s business environment.

Housing will remain one of the cornerstones of that growth.

As more families, professionals, entrepreneurs, and investors choose Puerto Rico, the need for resilient communities, quality residential development, and well-capitalized lending institutions will continue to expand.

AG&T’s Perspective

For more than three decades, AG&T has worked alongside developers, lenders, investors, and public agencies throughout Puerto Rico and the Caribbean, helping structure residential, hospitality, and mixed-use developments that contribute to long-term economic growth.

Our work has reinforced a simple principle:

Healthy housing markets are built on more than favorable interest rates.

They require confidence in the economy, responsible lending, thoughtful planning, resilient communities, and collaboration between the public and private sectors.

Puerto Rico possesses all of the ingredients necessary to support that long-term vision.

We invite you to watch this conversation with the Mortgage Bankers Association of Puerto Rico as we discuss the forces shaping the island’s housing market and why we believe Puerto Rico remains one of the most compelling real estate opportunities under the U.S. flag.

Andrew Farkas Speaks about Caribbean

 

 

Global Capital Meets the Caribbean: A Conversation with Andrew Farkas

One of the Urban Land Institute Caribbean Engagement Committee's primary objectives has always been to connect Caribbean leaders with some of the world's most influential investors, developers, and visionaries. By creating these conversations, AG&T and ULI seek to bring global perspectives to the unique opportunities and challenges facing island economies.

As part of this initiative, Andrew Farkas, Founder, Chairman, and CEO of Island Capital Group, joined the ULI Caribbean Roundtable as the keynote luncheon speaker in a conversation moderated by Adam Greenfader, Chairman of the Caribbean Engagement Committee and Chairman of AG&T.

 A Pioneer in Modern Real Estate

Andrew Farkas is widely recognized as one of the pioneers of modern institutional real estate investing.

He founded Insignia Financial Group, transforming it into one of the world’s largest publicly traded real estate services companies. Following its merger with CB Richard Ellis (now CBRE), the combined organization became the largest owner and operator of multifamily housing in the United States, managing approximately 275,000 apartment units and more than 200 million square feet of commercial real estate.

Today, through Island Capital Group, Mr. Farkas has built a diversified investment platform spanning hospitality, commercial real estate, financial services, infrastructure, and marine assets.

Its affiliated companies have included C-III Capital Partners, NAI Global, and Island Global Yachting (IGY Marinas)—the world’s leading owner, operator, and developer of luxury marinas, with a portfolio stretching across the Caribbean, North America, Europe, and the Middle East.

Why the Caribbean Matters

Few regions are better positioned to benefit from long-term global trends than the Caribbean.

The discussion explored how hospitality, marinas, mixed-use developments, infrastructure, and experiential real estate continue to attract sophisticated investors seeking destinations with strong long-term fundamentals.

Drawing on decades of investment experience, Mr. Farkas shared insights into what institutional capital looks for when evaluating opportunities, emphasizing the importance of quality sponsorship, disciplined planning, resilient infrastructure, and projects capable of creating lasting economic value.

The conversation also highlighted the growing convergence of hospitality, residential living, wellness, yachting, and lifestyle experiences that increasingly define luxury destinations throughout the Caribbean.

Investing Beyond Buildings

One of the themes that resonated throughout the discussion was that successful development extends beyond physical real estate.

Communities thrive when investment creates jobs, expands opportunity, improves infrastructure, and enhances quality of life.

Mr. Farkas has long supported initiatives that combine commercial success with broader social impact, including affordable housing, environmental stewardship, education, and community development.

His perspective closely aligned with AG&T’s long-standing belief that responsible development should generate both financial returns and lasting benefits for the communities it serves.


AG&T’s Perspective

For AG&T, bringing leaders such as Andrew Farkas to the Caribbean conversation reflects our commitment to connecting regional stakeholders with global expertise.

 

Over the years, AG&T has organized and moderated discussions with some of the world’s leading investors, hotel executives, financial institutions, government officials, architects, planners, and development professionals.

These conversations are more than industry events. They create opportunities to exchange ideas, strengthen relationships, and introduce global best practices that help shape the future of Caribbean real estate, hospitality, and infrastructure.

As the Caribbean continues to evolve into an increasingly sophisticated investment destination, dialogue between regional leaders and global capital will remain essential.

By fostering those conversations, AG&T continues its mission of helping build a stronger, more resilient, and more prosperous Caribbean.

The Puerto Rico Symposium in Miami With Historic Announcement

A Historic Moment: The Puerto Rico Symposium and the End of Bankruptcy

Miami, March 2022 — In front of more than 250 leaders from the public and private sectors, Governor Pedro Pierluisi announced that Puerto Rico had officially exited bankruptcy — one of the most consequential announcements in the island’s modern economic history.

The moment took place at The Puerto Rico Symposium, co-hosted by the Urban Land Institute Southeast Florida/Caribbean — chaired at the time by AG&T’s Adam Greenfader — and The Puerto Rico Builders Association, whose newly appointed president, Vanessa de Mari, was recognized as the first woman to lead the organization in its 70-year history.

The Symposium was dedicated to both milestones.

A Convening Role for AG&T

For AG&T, the Symposium reflected the firm’s long-standing conviction that Caribbean capital markets thrive when regional stakeholders and global investors sit in the same room.

Governor Pierluisi’s keynote highlighted the island’s economic recovery: the end of Puerto Rico’s population exodus, over 900 reconstruction projects underway, and — most notably — the formal end of the debt restructuring that had defined the island’s economy for the previous decade.

Attending government leaders included:

  • Pedro Pierluisi, Governor of Puerto Rico
  • Manuel Laboy, Executive Director, COR3
  • Maretzie Diaz, Deputy Director, PR Housing Department (CDBG-DR)
  • Natalia I. Zequeira, Commissioner of Financial Institutions
  • William Rodríguez Rodríguez, Secretary of Housing, Puerto Rico

The Panels

Panel 1 — Why Puerto Rico: Stories of Success

Moderated by Andrew Carlson, SVP Country Manager at JLL, the opening panel examined the island’s hospitality resurgence — more than 3,000 new or renovated room keys across El Conquistador, Grand Reserve (formerly Coco Beach), Sheraton, AC Hotels, and others.

Panelists included Federico Sanchez (Interlink Group), Dan Kodsi (Royal Palm Companies), Rafael E. Rojo (VRM Companies), and Brad Dean (Discover Puerto Rico), who noted that Puerto Rico had achieved record ADR and occupancy through COVID and was expanding demand across U.S. feeder markets.

Panel 2 — Federal Funding: Myth vs. Reality

Moderated by Ella Woger Nieves of Invest Puerto Rico, this panel unpacked the roughly $80 billion in federal recovery aid.

Manuel Laboy detailed the numbers: FEMA authorized $5 billion for temporary work and $21 billion for 9,000 permanent projects, with 800 currently under construction. Maretzie Diaz outlined the procurement process for private-sector participation, and Pamela Pautenade, former Deputy Secretary of HUD, dispelled misconceptions about relief-fund misuse.

Panel 3 — Fintech and Financial Innovation

Moderated by Nathan Whigham, Founder & President of EN Capital, the panel addressed Puerto Rico’s emergence as one of the world’s leading blockchain and fintech destinations.

Rodrick Miller, CEO of Invest Puerto Rico, framed the strategic shift: from marketing tax incentives to promoting the island’s labor quality, education system, and expertise in life sciences and biotech. Additional insight from Stephen Inglis(Importal) and Yael Tamar (SolidBlock) explored tokenized real estate and tax-credit monetization.

Panel 4 — Growth Industries and Tax Incentives

Moderated by Carla Campos, this closing panel with Jorge Ruiz Montilla (McConnell Valdés), Francisco Luis (Kevane Grant Thornton), and Rogelio “Roy” Carrasquillo (Carrasquillo Law Group) examined how tourism, manufacturing, life sciences, and agro-science tax incentives had translated into measurable job creation.

Banking’s Return

Speakers from Puerto Rico’s financial sector signaled renewed confidence in the island’s growth. Michael McDonnell, EVP at FirstBank — which had just re-opened its construction division — projected positive GDP growth for 2022, ending more than a decade of contraction.

Banesco USA, the only Florida- or Puerto Rico–based bank recipient of the U.S. Treasury’s $8.7 billion Emergency Capital Investment Program, also participated — a signal that federal capital was flowing back through island-connected institutions.

Natalia I. Zequeira, Commissioner of Financial Institutions, emphasized that International Financial Entities (IFEs) can now participate in special opportunity projects — a meaningful shift for structured capital.

A Conversation with Andrew Farkas

One of the day’s defining moments was a high-level conversation between Adam Greenfader and Andrew Farkas, founder of Island Capital Group.

The discussion focused on the role of institutional capital in Caribbean recovery — how sustainability, ESG frameworks, and long-term investment strategies can help return economic migrants to their island homes and rebuild communities beyond hurricane recovery.

That conversation continues to shape how AG&T positions institutional capital in the Caribbean today.

AG&T’s Perspective

The Puerto Rico Symposium underscored AG&T’s core belief: that Caribbean capital markets do not mature in isolation. They mature when regional developers, government leaders, institutional investors, and financial institutions build shared conviction in the same room, at the same table.

Announcements of this scale — a governor declaring the end of a decade-long bankruptcy in front of global institutional investors — do not happen by coincidence. They happen because someone, over years, has been convening the conversation.

For AG&T, that work continues.

Governor Pedro Pierluisi

Speakers Panel

Keynote Lunch Address

 

 

 

 

18 Billion For The Next Great Construction Boom

 

 

San Juan, Puerto Rico.

Last week The Puerto Rico Builders Association held its 70th year conference in San Juan Puerto Rico. The historic event was inaugurated with a conversation on Financing the Next Great Economic Construction Boom.  The panel included Michael McDonald, Executive Vice President and Group Director at Firstbank, Luis Alemañy President and CEO at the Economic Development Bank of Puerto Rico, and Eric Delgado Business Banking Relationship Manager at Acrecent Financial Corporation and Adam Greenfader, Managing Partner at AG&T.

It was clear from the conference panelists, that after more than fifteen years of stagnate growth, Puerto Rico appears ready to build back better. Billions of dollars of FEMA and CDBG-DR funds are being allocated in what will be the largest government funding program in US history.  While much of the Federal funds will be used to subsidize projects, the group was in agreement that there is a huge need for private investment and capital to bridge the financing gapMichael McDonald, Executive Vice President and Group Director at Firstbank, made the historic announcement that the bank is opening up its construction division. Several members from the newly formed team were present in the packed room including Carlos Navarro and Mei Li Tsai Rivera. “There is no better indicator of an economy that is ready to grow that when a bank reopens its construction division”, quoted Alfredo Martínez-Álvarez, Jr., Chairman of the Puerto Rico Builders Association.

Equally promising, Luis Alemañy President and CEO at the Economic Development Bank of Puerto Rico, was asked about the much awaited CDBG-DR funding. Mr. Alemañy explained that the Economic Development Bank of Puerto Rico has already started allocating over $225 Million dollars to small entrepreneurs. The group was especially receptive to the fact that the grants are being disbursed in $50,000 tranches and does not require repayment.

Since 2008, Puerto Rico has gone from twelve financial institutions to less than four. Eric Delgado Business Banking Relationship Manager at Acrecent Financial Corporation, sees a new role for niche lenders filling that gap in Puerto Rico.  He specifically discussed how Acrecent can play a role in funding new construction projects. “We are able to get to funding much faster than traditional banks and also have the capacity for higher loan to coast ratios.  Both Firstbank and Acrecent mentioned that capital is seeking anywhere from 25%-35% of project equity.

“As Puerto Rico gets ready to build thousands of much needed homes, critical infrastructure and other key projects, it will be up to both private and public institutions to step up and provide the much needed capital and leadership”, quoted Adam Greenfader of AG&T.  All of the panelist were in agreement that the island in the next few years is ready for strong growth. They specifically mentioned that in addition to the more than 8 billion dollars of Federal Grants, Puerto Rico has one of the most robust tax incentives and credit programs in the world. The hospitality incentive with a 40% tax credit was specifically highlighted as a very strong component of any capital stack today.

Helping to plan a better future for the island, The Puerto Rico Builders Association will be holding its annual conference on September 20 and 21, 2022.  Speaking and sponsorship opportunities are available and you may contact AG&T at contact@agandt.com.

 

AG&T is a real estate development and consulting company founded in 1998 with headquarters in Miami, Florida. Our  track record spans over 55 real estate development projects in Puerto Rico, Sint Maarten, Costa Rica, Panama, Mexico, Dominican Republic, and various other Caribbean islands.

 

Helping Puerto Rico since the 1950’s

Puerto Rico 1950's

70 years ago, when the Puerto Rico Builders Association was formed, the United States was on the brink of entering the World War II. December 7, 1941, would be considered a day that would “live in infamy”. Thousands of Puerto Ricans as American citizens fought in the War and would return home as victors to an island on the precipice of great economic growth.  Thanks in large part to Operation Bootstrap, o “Manos a La Obra”, the Puerto Rico Builder’s Association has played a vital role in shaping the island’s long term economic development. The Puerto Rico Builders Association (formerly known as the Homebuilders Association) was formed in a critical period of time when the island was undergoing a massive transformation from an agricultural society into a leading manufacturing hub.

Puerto Rico would see historic growth for more than three decades and the Puerto Rico Builders Association would play a leading role in shaping the island’s zoning regulations, environmental protections, financing, and building codes (often referred to as a Miami’s building code on steroids).  Puerto Rico benefited greatly from these concerted efforts by the Puerto Rico Builder Association with one of the highest homeownership rates in the Western world at 68%. Puerto Rico is also the second largest public housing jurisdiction in the United States second only to New York City.

In 2015, The Puerto Rico Builders Association, under the leadership of then PR Builders president, Ricardo Alvarez Diaz Villalon joined forces with the Urban Land Institute Southeast Florida/Caribbean District Council. ULI founded around the same time as the PR Builders Association, is one of the oldest and largest networks of real estate and land use experts in the world. ULI’s mission is to shape the future of the building industry and create thriving and sustainable communities around the globe. Shortly thereafter, Puerto Rico was devastated with two back-to-back category five hurricanes.

Hurricanes Irma and Maria destroyed most of the island’s electrical infrastructure and informal housing stock at a cost estimated over 100 billion dollars. ULI together with the Puerto Rico Builders Association created a task force to study the effects of the storms and how to build back better. Under then ULI president Greg West, the Puerto Rico Builders Association and ULI convened national panel of experts and created a specific action plan for the municipality of Toa  Baja.

The Puerto Rico Builders Association BoardThe Puerto Rico Builders Association and ULI have since held multiple meetings and conference throughout the years in both Puerto Rico and Miami to explore new areas of synergy and improvements to the island’s build environment. ULI’s current president, Scott McLaren was recently quoted, “we strongly value our long standing partnership with your organization and admire the leaders who go above and beyond, especially when faced with such tremendous obstacles.”

Come celebrate 70 with the Puerto Rico Builders Association Puerto Rico on October 27-29 in San Juan. https://constructorespr.com/convencion-2021/

AG&T is a real estate development and consulting company founded in 1998 with headquarters in Miami, Florida. Our  track record spans over 55 real estate development projects in Puerto Rico, Sint Maarten, Costa Rica, Panama, Mexico, Dominican Republic, and various other Caribbean islands.

 

 

Puerto Rico’s Hotel Industry Takes Center Stage in Miami

 

 

 

Puerto Rico takes centerstage at the Caribbean Hospitality Investment Summit (CHRIS) held this week at the Hardrock Hotel in Miami.

 

The Puerto Rico Builders Association, one of the sponsors of the CHRIS event, was honored to congratulate Hugh Andrews, CEO, IHE as he received the Lifetime Achievement Award. The award was presented by Vanessa Ledesma Acting CEO and Director at Caribbean Hotel and Tourism Association.  Vanessa, herself a great friend and native of Puerto Rico, discussed with Hugh Andrews his vast accomplishments that include the development of such Icon hotel properties as the Conquistador Hotel, El Convento, Las Casitas, and Vanderbilt Hotel.

 

STR in its annual report, listed Puerto Rico’s year over year recovery from 2019 as one of the Caribbean’s  top destinations. This includes maintaining strong airlift throughout the pandemic, maintaining high ADRs, and an impressive 82% Occupancy rate. The recently delivered Aloft San Juan hotel was named as top CHRIS hospitality development of 2021.  Adam Greenfader, Managing partner of AG&T and Florida Liaison Chair of the Puerto Rican Builders Association,  spoke on the success of the P3 program in Puerto Rico. He mentioned in the Public-Private Collaboration panel that the island will be soliciting a P3 bid for the management of the 9 remaining local and national airports.

 

Kenny Blatt, Principal/Managing Partner of CPG Real Estate, spoke extensively on Puerto Rico’s hospitality industry. He discussed the island’s capacity to greatly expand its hospitality and tourism sectors.  Blatt’s was enthusiastic about the transformation at Dorado Beach, A Ritz-Carlton Reserve and its evolution since 1958.   His key takeaways on Dorado Beach’s success include working with local partners as a critical best practice. Blatt praised the Stubbe family and PRISA group repeatedly as “ the greatest developers any resort can ever have.”

 

The Puerto Rico Builders Association will be celebrating its 70 year anniversary at its upcoming conference on October 27-28, 2021. For more information visit https://constructorespr.com