Jung Development arranges for US$220 million in construction financing

On June 13, 2007, Korean developer, Jung Development Inc. closed a $220 million major construction financing. Jung is among the largest Asian development companies operating in BC $170 million of the $220 million financing facility was committed by a syndicate of senior lenders led by CIBC and including RBC, Woori Bank of Korea (the largest financial group in Korea) and BCMP Mortgage Corporation, and $50 million mezzanine financing facility was committed by Lehman Brothers Holding Inc. in US but led by Lehman's Korean operations. Fasken Martineau advised Jung Development in this transaction with a team from the Real Estate and Asia Pacific Groups including: Edmond Luke, Ian Cassie, Allison MacInnis, David Martin, Samien Safaei, Don Weaver, Darrell Wickstrom, Kate Seniowski, Jessica Spraggs, Mayne Young and Kwee Downie. The team worked over a period of four months to negotiate and complete this financing. The Real Estate Group is also advising Jung on the development and construction of the project - five 36-storey highrise residential mixed-use towers in Surrey across from the King George Skytrain Station. Tower 1 with 345 condominium units is scheduled for completion in November 2007 and Towers 2 and 3 with combined 690 units are scheduled for completion in September 2009, with more work required before the Project is completed.