Nonghyup Bank Arranges Won 520 Billion in Financing for Noryangjin District 1 Redevelopment

[Financial News] Nonghyup Bank will provide Won 520 billion in financing for the Noryangjin District 1 redevelopment project, the largest project in the Noryangjin Redevelopment Promotion District. It is the bank's largest-ever financing deal for a single housing project.
On the 1st, Nonghyup Bank said it had joined the "Noryangjin District 1 Housing Redevelopment Project" as a financial arranger and signed a Won 520 billion project financing agreement on Aug. 28. The total funding package amounts to Won 620 billion.
The Noryangjin District 1 redevelopment project covers 106,152 square meters of land, making it the largest of the nine projects in the Noryangjin Redevelopment Promotion District. Through the redevelopment, 28 apartment buildings, 2,992 housing units and supporting facilities are planned.
The financing support is also significant because it shows Nonghyup Bank's active role in backing housing supply expansion. The bank supported Won 620 billion in project financing and Won 200 billion in relocation loans without changing the interest-rate terms it proposed when it first made the offer in April.
A Nonghyup Bank official said, "In the rapidly changing real estate project financing market amid an interest-rate hike cycle, some housing supply projects are being delayed as financing terms are renegotiated or rebidding takes place. However, the market views Nonghyup Bank's latest support as an example of responsibly completing a financing arrangement."
[email protected] Seo Ji-yoon Reporter