[Asia Economy Reporter Park Jihwan] Hi Investment & Securities announced on the 19th that it has successfully completed a 275 billion KRW project financing (PF) for the development project of the premium senior complex ‘Busan Osiria Meditown.’
‘Busan Osiria Meditown’ is a large-scale complex development project located within the Osiria Tourist Complex in Gijang-gun, Busan, covering a site area of approximately 60,000 pyeong (about 198,347 square meters). It will provide around 1,000 units of senior town (welfare housing for the elderly) and health town (nursing facilities).
The project is scheduled to begin construction in December under the responsible completion of Hanwha Construction, with Lotte Hotel providing operation consulting for all elderly welfare housing. This will be the first premium senior complex including medical facilities in Busan, the first metropolitan city to enter a super-aged society, opening in 2024.
Previously, in December 2018, the medical corporation Jese Medical Foundation was selected as the preferred negotiator for the project through a competitive bidding process by Busan Urban Corporation. In June, Sun City, a project finance investment company (SPC) funded by Hi Investment & Securities and Jese Medical Foundation, signed a business agreement with Lotte Hotel. Subsequently, the SPC raised a 275 billion KRW PF loan to finance the project, with NH Investment & Securities and other financial institutions participating.
Lee Byungpil, Director of the Structured Finance Department at Hi Investment & Securities, stated, "To actively respond to the real estate finance market and diversify non-residential business, we have expanded into senior Meditown finance as well as logistics centers. We expect to respond to the super-aged era by expanding premium senior towns in the metropolitan area and beyond in the future."
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