Union Properties (UP) has signed an AED 290mn ($79mn) project finance facility for the construction of Oia Residence in Motor City.
Ajman Bank and National Bank of Ras Al-Khaimah (Rakbank) acted as joint lead managers for the transaction while Alpen Capital was the sole financial advisor, Union Properties said in a stock exchange filing.
The project will cost a total of around AED 450mn and be complete around 2017. China State Engineering Corporation Middle East is the main construction contractor for the project which is designed by AK Design.
It will feature 269 residential units including duplex apartments with private gardens, terraces, and direct access to the swimming pools.