US$70 million financing for the Santa Maria Golf & Country Club project

Arias, Fábrega & Fábrega acted as counsel to Banco General, S.A., in connection with a financing granted to Ideal Living Corp. for the development of the first phase of the most exclusive residential real estate project currently under development in Panama and one of the most ambitious master planned projects in the region.

The financing consisted of a syndicated loan with Banco General, S.A. as Structuring and Administrative Agent, and Banco General, S.A., Banesco, S.A., BAC International Bank Inc., Banco Internacional de Costa Rica, S.A. (BICSA) and PRODUBANK (Panamá), S.A., as original lenders. The financing was secured through a Collateral Trust Agreement with BG Trust Inc. as trustee and first and second mortgages over certain properties of the debtor, for a sum of US$70 million, in favor of BG Trust Inc., in its capacity as trustee.

The transaction was a true example of ARIFA's cross-practice capabilities in structuring the documentation and providing the multidisciplinary advice needed for the project. One of the challenges was integrating and adapting the financing structure of this project to that of the existing financing structure that the Ideal Living had in place for a commercial project in the Santa María business district that is being developed simultaneously.

About the Santa María Golf & Country Club
The Santa María Golf & Country Club features an 18-hole Golf Club designed by Nicklaus Design, the renowned golf course architectural firm founded by legendary professional golfer Jack Nicklaus. The Nicklaus Design golf course will offer players a premier golf experience and will also provide Santa Maria's residents with attractive view corridors and a park-like ambience that are unprecedented in Central America. Access to a social and athletic club with its world-class athletic facilities, classic architectural design, private town center, luxurious condominiums, lakefront villages, private road systems and a 24-hour guard-gated security will further ensure that Santa Maria Golf & Country Club sets a new standard for the development of luxury residential communities in Panama.