Video: $64M Loan Secured For Housing Initiative

[Updated] Minister of Housing and Municipalities Zane DeSilva is holding a press conference this afternoon [June 22] to provide a briefing on bank financing for affordable housing. We will have additional coverage later on and in the meantime the live video is below.

Update: Speaking at today’s press conference the Minister said, “I am incredibly pleased to share a major milestone today as we move forward with our commitment to expanding affordable housing across our island. We have officially reached financial close to the critical loan facilities needed to propel these essential community projects forward.

“An achievement like this requires an immense amount of teamwork, diligence, and dedication. I want to extend my sincere thanks to the organizations whose hard work made this cross-the-finish-line moment possible,

“Thank you to the team at the Bermuda Commercial Bank- Andy Mielczarek, Andrew Cassidy, and Jaren Haley- for your vital financial partnership, including your work on the BD10,000,000 interim overdraft facility and the BD2,500,000 facility agreements, culminating in the $64M loan to the Bermuda Land Management Company. Your collaboration is helping us build a stronger foundation for Bermuda and Bermudians.

“This teamwork feeds directly into the initial phase of our Affordable Housing Programme. Supported by a Government Guarantee, this initiative represents an estimated total of $64M to deliver a total 84 homes spread out through developments at Tommy Fox Road, Albert Row and Victoria Place.

“With construction anticipated to kick off this August, this project will actively engage our local contractors and service providers to drive site preparation, foundations, and interior fit-outs.”

Minister Zane DeSilva’s Statement

Good afternoon, everyone. I am incredibly pleased to share a major milestone today as we move forward with our commitment to expanding affordable housing across our island. We have officially reached financial close to the critical loan facilities needed to propel these essential community projects forward.

An achievement like this requires an immense amount of teamwork, diligence, and dedication. I want to extend my sincere thanks to the organizations whose hard work made this cross-the-finish-line moment possible:

Thank you to the team at the Bermuda Commercial Bank- Andy Mielczarek, Andrew Cassidy, and Jaren Haley- for your vital financial partnership, including your work on the BD10,000,000 interim overdraft facility and the BD2,500,000 facility agreements, culminating in the $64M loan to the Bermuda Land Management Company. Your collaboration is helping us build a stronger foundation for Bermuda and Bermudians.

To the Bermuda Land Management Corporation- Thank you for your tireless efforts in managing these transactions and your upcoming role leading procurement for the first phase of our Affordable Housing Programme. I would especially like to thank Mr. Andrew Dias, the CEO of the BLMC, and Ms. Lakila Bell, for their consistent efforts.

To the Bermuda Housing Corporation: Thank you for your excellent work refining these agreements and for taking on the vital responsibility of overseeing project delivery, especially Paul Martin and Mark Melo.

I also want to extend a special thank you to the Attorney-General’s Chambers, and specifically Solicitor General Shakira Dill-Francois and the Deputy Solicitor-General Mr. Brian Myrie, for their indispensable legal oversight. Their work in reviewing and certifying the legal framework—including the valid execution of the government’s interim guarantee under the Government Loans Act 1978—provided the solid legal foundation required to finalize these agreements smoothly and securely.

By finalizing these agreements—supported by the legal diligence of the Attorney-General’s Chambers, the fiscal due diligence of Financial Secretary Chidozie Ofoego, and the authorization of the Premier and Minister of Finance—we are setting the stage for major progress.

Last but not least, I want to thank our own team in the Ministry of Housing and Municipalities for all their work and support throughout this process, particularly Mr. Andrew Pettit, our former Permanent Secretary, who played a large part in spearheading this financing .

Specifically, this teamwork feeds directly into the initial phase of our Affordable Housing Programme. Supported by a Government Guarantee, this initiative represents an estimated total of $64 M to deliver a total 84 homes spread out through developments at Tommy Fox Road, Albert Row and Victoria Place.

With construction anticipated to kick off this August, this project will actively engage our local contractors and service providers to drive site preparation, foundations, and interior fit-outs.

To the teams at BCB, BLMC, BHC, and the Attorney-General’s Chambers—thank you again for putting in the long hours, doing the heavy lifting, and ensuring everything was legally watertight to turn these plans into a reality.

While there are some that talk – we will build.

While some chase headlines with negativity – we are chasing results!

Together, we are building a better, more affordable Bermuda.

Thank you.

Andy Mielczarek’s Statement

Today is about much more than a loan. It’s about creating opportunities for Bermudian families to have a place they can call home.

We’re proud to provide $63 million in financing for this development, which will deliver homes for 84 families and make a meaningful contribution to increasing the supply of affordable housing in Bermuda.

Since I joined BCB a year ago, we’ve experienced significant growth, doubling the size of our balance sheet. What’s important is what that growth enables us to do. As a Bermuda based bank, we’re able to reinvest that success back into Bermuda supporting local families, local businesses and projects that strengthen our community.

This is just one example of what that looks like. Over the coming months, we’ll be announcing further investments and new services as we continue to grow alongside Bermuda.

Today, though, our focus is on the families who will benefit from these new homes. We’re delighted to play our part in making this development a reality, and we look forward to seeing this community take shape.

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