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 most important developers in the country.
Finance law firm in Panama
The Syndicated Loan for the sum of USD165 million was used for the development and construction of the 78,487 square meter Town Center mall, which is 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 is a premier mall in Costa Del Este. It includes a mix of, among others, commercial office space, retail stores, doctors’ offices, a movie theater complex and restaurants.
Project Description
Town Center Costa del Este, a new and exclusive shopping center in Costa del Este, is the perfect mix between urban pleasures and outdoor charm and provides a unique atmosphere in Panama.
The shopping center offers exclusive brands and is the ideal meeting point with a variety of restaurants, cinema, entertainment areas for activities that contribute to the well-being and culture of Costa del Este.
Located in Panama’s most important communities
Strategically developed in the middle of one of Panama’s most important communities, Town Center Costa del Este is a center of experiences that seeks to improve the quality of life of all its visitors.
This project, after almost a year of operation, has become the home of recognized national and international brands, which are committed to a unique project in the country.
Town Center Costa del Este has an innovative infrastructure. The project consists of more than 80,000 sqm which include offices, commercial premises, indoor and outdoor pedestrian areas, doctors´ offices, a gymnasium and a hospital, meanwhile other areas are under development.
The Town Center can be accessed from the South Corridor, the roundabout of Chanis and Parque Lefevre.
To date, it has more than 350 indoor parking spaces available and more than 950 outdoor parking spaces, free of charge.
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