RFM property unit secures P1-B loan for Makati condo
Philippine Townships Inc., the property development arm of food and beverage conglomerate RFM Corp., has secured a P1-billion financing package for its 47-story residential condominium building in the heart of
The
In a disclosure to the Philippine Stock Exchange, RFM said the funding package would come from Filipinas Investments Ltd. (Philippines Branch Office) (FIL), the local branch of Capmark’s
Capmark Financial Group Inc. is a global, diversified company that provides a broad range of financial services to investors in commercial real estate-related assets.
Its core businesses are lending and mortgage banking, investments and funds management and servicing.
Capmark operates in
RFM president and chief executive officer Joey A. Concepcion hailed the agreement as “a major step forward for Philtown in strengthening its financial base and project delivery track record.”
Philtown president and chief executive officer Eleuterio D. Coronel, for his part, said, “the recently concluded agreement is uniquely structured to provide for sufficient capital to be drawn upon over the development period.”
The
Established in 1995, Philtown was initially organized as the property firm of the RFM Group. Through the years, the company has developed a number of residential subdivisions in the vicinity of Metro Manila.
Philtown boasts of a sizeable landbank of 200 hectares for further development of horizontal projects.
Since the late 1990’s, Philtown has ventured into vertical residential developments. Apart from One McKinley, Fairways and the
The company is likewise pursuing other residential condominiums in
Philtown is planning to go public to raise funds for its projects.
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