Roel Law Firm Provides Legal Advisory for ‘Banyan Tree Haeundae Busan’ Project Financing (PF)

[Image provided by Hi Investment & Securities]

Roel Law Firm announced that it provided project financing (PF) loans and legal advisory services related to the 375 billion KRW-scale ‘Banyan Tree Haeundae Busan’ development project, which was successfully completed on May 29, representing financial institutions including the joint lead managers Hi Investment & Securities and BNK Investment & Securities.

The ‘Banyan Tree Haeundae Busan’ development project is a large-scale complex development supplying a top-tier villa-style resort of five-star level or higher along with convenience facilities in the Osiria Tourism Complex in Busan. On a site of 40,000 square meters, it will feature a total of 195 rooms, indoor and outdoor hot spring facilities such as the Banyan Tree Spa, the Banyan Tree Gallery, a restaurant, and a rooftop bar. The project is operated under the entrusted management of the global hotel resort brand Banyan Tree, with Samjung Enterprise and Samjung E&C responsible for completion, and is scheduled to open in the first half of 2025.

Hi Investment & Securities and BNK Investment & Securities conducted a PF loan raising of 375 billion KRW to finance the project costs. Accordingly, financial institutions including the Meritz consortium, Busan Bank, and DGB Capital participated as loan providers, and through KB Real Estate Trust’s trust account limit lending and securitization issuance, a total of 375 billion KRW in PF loans was raised.

Roel Law Firm formed a team led by Partner Attorney Kang Jong-beom and Attorney Kim Min-jun to provide legal advisory services by drafting and reviewing various financial contracts such as loan agreements, reviewing and drafting contracts related to the mixed-type land trust for responsible completion and securitization structures, and interpreting relevant laws, thereby contributing to the progress of the ‘Banyan Tree Haeundae Busan’ development project and the successful procurement of PF loans.

In particular, Partner Attorney Kang Jong-beom, who joined Roel Law Firm in July last year, is a veteran lawyer in the industry with extensive advisory experience in large-scale development projects, having previously served as a senior attorney in the real estate and finance team at Kim & Chang Law Office. His experience includes Korea’s largest PF projects such as the Magok MICE complex PF (2.5 trillion KRW) and Yeouido Park One PF (2.1 trillion KRW). Based on Kang’s diverse experience, Roel Law Firm was able to provide legal advisory services at the level of a major law firm for this ‘Banyan Tree Haeundae Busan’ PF as well.

Roel Law Firm’s representative attorney Jung Tae-geun stated, “Roel Law Firm is always prepared to provide legal advisory services at the level of a major law firm for various development projects in Korea in the future,” expressing the firm’s commitment to continue offering expert legal support following this PF advisory engagement.