Daewoo Construction Built 'Daegu Bonri-dong Mixed-Use Complex' 270 Billion PF

[Asia Economy Reporter Lim Jeong-su] A project financing (PF) loan worth 270 billion KRW for the construction of a residential-commercial complex in Bonri-dong, Dalseo-gu, Daegu, being built by Daewoo E&C, has been secured.

According to the investment banking (IB) industry on the 22nd, S&BBonri, the developer of the Bonri-dong residential-commercial complex project in Daegu, recently received a PF loan of 270 billion KRW from a consortium led by Hyundai Motor Securities.

The PF loan has a maturity of 4 years and 9 months, with a lump-sum principal repayment at maturity. The loan was executed in two tranches: a senior tranche of 200 billion KRW and a subordinated tranche of 70 billion KRW, based on collateral and repayment priority.

The funds raised will be used to construct six buildings ranging from six basement floors to 49 above-ground floors, comprising 1,157 residential units and retail facilities on lot 358-5 in Bonri-dong, Dalseo-gu, Daegu. The project is being carried out through a managed land trust method by Mugunghwa Land Trust.

Daewoo E&C, the contractor, has provided a completion guarantee agreement for the PF loan. If the construction permit is not obtained within 55 months, Daewoo E&C will assume the repayment obligation of the PF loan.

This content was produced with the assistance of AI translation services.