The Banking, Finance & Capital Markets department at Alemán, Cordero, Galindo & Lee advised Banco General, S.A. (as Lender and Administrative Agent) and Banistmo, S.A. (as Lender), in the structuring and execution of a Syndicated Loan to Costa Del Este Town Center Group, S.A., a company related to the Panamanian Group Empresas Bern, which is one of the largest developers in the country.
The Syndicated Loan for the sum of USD165,000,000.00, will be used for the development and construction of the 78,487 square meter Town Center mall, which will be located in Costa Del Este, one of the most exclusive residential neighborhoods in Panama City. The Syndicated Loan was guaranteed, among others, by a Trust Agreement executed between Costa Del Este Town Center Group, S.A. (Settlor), BG Trust Inc. (Trustee) and the Lenders (Beneficiaries).
Town Center, which is expected to be completed in September 2017, will be the premier mall in Costa Del Este. It will include a mix of, among others, commercial office space, retail stores, doctors’ offices, a movie theater complex and restaurants.
