Delphos Arranges $50 MM OPIC Loan for Student Housing in Kenya

October 2018

Delphos International served as the sole financial advisor to Acorn Holdings Limited, a Helios-backed real estate company, in obtaining debt financing from the Overseas Private Investment Corporation (“OPIC”), the U.S. Government’s Development Finance Institution. OPIC’s $50 million long-term loan will help finance up to 10 rental housing blocks for university students in Nairobi. Affordable rental housing in Kenya is severely limited, unsafe, and often lacks basic amenities. This project will help bridge the gap by constructing 5,000 rental units for public and private university students.
 
The signing of finance documentation took place on September 25th in Nairobi. Small Medium Enterprise Finance Managing Director Debra L. Erb represented OPIC and Chief Executive Officer Edward M. Kirathe represented Acorn. The ceremony was witnessed by the Principal Secretary State Department of Trade of the Government of Kenya Dr. Chris Kiptoo, CBS and U.S. Ambassador to Kenya Robert F. Godec. Slav Gatchev, Managing Director, represented Delphos. The transaction was also highlighted during President Kenyatta’s official visit to Washington, DC in August.
 
The firm is grateful to Acorn and Helios for the opportunity to support this highly developmental project in Kenya.

See OPIC's press release and public information summary for more details.