Our Team

Francisco De Armas Cubas, Esq.

Mr. De Armas has over 25 years of experience in debt restructuring, distress situations and business, financing alternatives, turnaround, law practice and business management. Mr. De Armas holds a B.S. in accounting from Bentley University in Waltham, Massachusetts and a Juris Doctor from Tulane Law School in New Orleans, Louisiana. Mr. De Armas is a licensed attorney in Puerto Rico and became a Certified Public Accountant in 1993. In 1996, he joined Fiddler, González, and Rodriguez, one of the largest and oldest law firms in Puerto Rico, as an associate in the labor division. In 1999 he joined as senior vice president and later as President of a family-owned business. Mr. De Armas is currently the Managing Member and co-founder of Caribbean Investment & Acquisition LLC and CIAC, LLC.

Mr. De Armas co- founded Caribbean Investment & Acquisition LLC in 2010, which along with CIAC LLC, service and manage over $5B in assets, of which $406MM of total assets are performing, sub and non-performing commercial loans and Real Estate. Mr. De Armas also co-founded, in 2015, CIAC Consortium II LLC, a private equity fund which co-invests, alongside a U.S. based private investment fund, in the acquisitions of commercial loan portfolios. In 2018, Mr. De Armas co-founded CIAC LLC which co-services and manages $4.3B of government related loans and properties as part of special government restructuring agreement with the mandate to maximize collections and net realizable value.

Finally, in 2023, Mr. De Armas co-founded PRMF Fund, LLC which seeks to provide financing to municipalities and other government-related entities. This company, along with its other sister companies, comprise CIAC Group which is one of the leading asset management and commercial loan servicing firms in Puerto Rico. Mr. De Armas has a deep understanding of the Puerto Rico debt market and long-standing relations with counterparties on the island. He is an active member of the Young President’s Organization, a global leadership community comprised of business executives from over 130 countries.

Elberto Berdut

Elberto Berdut Nieves received an Economics and Finance Bachelor’s degree from Bentley University, in Waltham Massachusetts. He started working for Empresas Berdut in the fall of 1991, a family business dedicated to the acquisition and development of Commercial and Industrial parcels of land. His responsibilities included all interaction with tenants and government agencies and all relations with banks including due diligence and acquisition of real estate property. Starting in 2003, Empresas Berdut entered into a business relationship with various housing developers to create mid-income, as well as high-income housing projects where and Mr. Berdut was involved in all aspects of the development and construction. Empresas Berdut also acquired portfolios of nonperforming commercial loans. 

Elberto Berdut Nieves acted as lien holder in the resolution of most loans via refinancing and/or short sale. In 2010, Mr. Berdut cofounded Caribbean Investment & Acquisitions LLC. Since then, it has co-founded CIAC LLC, CIAC Consortium II LLC and PRMF Fund, LLC.  The latest seeks to provide financing to municipalities and other government-related entities. 

Javier Ramos

With over 30 years of experience in project management, capital markets, and banking, Javier Ramos is highly sought-after for his insights into financial development. Since May 2019, Mr. Ramos, directly or through his company, JRL Advisors LLC, has been assisting Caribbean Investment & Acquisition LLC and CIAC, LLC, an asset management and commercial loan servicing firm with over $5 billion in business assets under its care, and PR Municipal Financing, LLC (PRMF).

Mr. Ramos has decades of high-level experience in tourism development, government debt structure, and investment portfolio management. He currently lives and works in Puerto Rico, where he is integral in investments of selected business opportunities through CIAC Consortium II, a private equity fund.

Arturo Tous Chevres

Arturo Tous Chevres, CPA, is a seasoned leader with over two decades of high-level experience in banking, finance, risk management, and asset valuation. Mr. Tous is an accounting and financial professional.

In addition to working with CIAC Group, Mr. Tous maintains a private financial consulting practice, headquartered in San Juan, Puerto Rico. Among his clients are investment funds, financial institutions, Fintech companies and banking operations. Mr. Tous specializes in the complex areas of risk management, financial strategies, and accounting principles.

Arturo Tous earned a Bachelor of Science degree in Accounting and Finance from Marquette University in Milwaukee, Wisconsin. After several years of working with a prominent international accounting and professional services firm, Mr. Tous was accepted in the business graduate program at the University of Wisconsin-Madison, where he earned his Masters in Business Administration (MBA), with a focus on Entrepreneurship, in 2005.

Gabriel De Hoyos

As a seasoned financial professional with experience in portfolio management, asset disposition, and strategic analysis, Gabriel De Hoyos Cruz is well-known in the field of finance. Mr. De Hoyos Cruz currently serves as the Risk Officer at Caribbean Investment & Acquisition LLC and CIAC, LLC, both part of the CIAC Group.

Education and Training

Gabriel De Hoyos Cruz is a graduate of the Inter American University of Puerto Rico, where he earned a Bachelor of Science in Pure Mathematics in 2007.

Gabriel has received specialized training in risk management, including:

Professional Experiences

Gabriel De Hoyos Cruz started a position as a business analyst in 2008 for Santander Bank of Puerto Rico. In 2009, Mr. De Hoyos Cruz was selected as a strategic member of Santander Bank’s risk portfolio team. His role was to restructure the company’s risk management department as well as prepared annual business plans for branches in Spain, the U.K., the United States, Chile, and Portugal.

Gabriel transitioned to the Popular Bank of Puerto Rico in 2010. As a risk portfolio analyst, he proposed credit policy changes and developed management strategies for the bank’s growing portfolio.

Later in 2010, Gabriel joined the team at Doral Bank of Puerto Rico, where he served in several roles, including senior risk strategic analyst and senior portfolio manager. Among his many responsibilities were developing and implementing loss mitigation strategies, portfolio analysis, creating a commercial investment execution plan, and modifying pricing formulas to increase revenue on commercial property sales.

Gabriel also worked at FirstBank as the Asset Disposition Officer. His role was dealing with investors and hedge funds along with selling the bank’s REOs and distressed debt. Later, he transitioned to the Risk department where he served as the Risk Portfolio Manager for the bank’s mortgage portfolio. 

Today, Gabriel De Hoyos Cruz serves as the Risk Officer for CIAC Group, tasked with performing due diligence of new investment acquisitions, reviewing portfolios, and developing debt restructuring plans. He also oversees the daily office operations of CIAC and its team members

Mr. De Hoyos is also a successful real estate investor with vast knowledge in Residential and Commercial long term rentals and rehabs.