Philippine Realty and Holdings Corp. said Thursday it secured a P3.8 billion loan from Philippine Bank of Communications that will be used to partly finance the construction of the Casa Unico project.
The listed property developer described Casa Unico as a 40-storey upscale residential condominium project in the Bonifacio South District of Bonifacio Global City.
Philrealty secured in 2021 two lots, each 1,600 square meters in size, located in Bonifacio Global City in a tax-free share-for-asset swap with Greenhills Property Inc. As a result of the transaction, Greenhills Property increased its stake in the listed property developer to 65.2 percent from 35.7 percent after the deal.
The company said PBCom also renewed its credit lines worth a total P610 million to finance the company’s working capital requirements and for general purposes. The loan lines will expire at the end of 2024 but still subject to the bank’s single borrowers limit.
Philrealty emerged from a court-order corporate rehabilitation in 2017, the first among companies whose finances were battered by soaring interest rates caused by the 1992-1993 Asian financial crisis. It had to sell assets to settle loans with several banks.
