Shinhan Bank has completed arranging project financing totalling 2.28 trillion won for the Bokjeong Station-area mixed-use development project.

Shinhan Bank said on Wednesday it completed arranging a second main PF loan of 380 billion won, following a first main PF loan of 1.9 trillion won for the Bokjeong Station-area mixed-use development project.

The project is a large-scale development that will build office, residential and commercial facilities around Bokjeong Station, which connects Seoul with the greater capital area. It will include a business complex cluster spanning about 500,000 pyeong.

Shinhan Bank joined a consortium for the project’s public offering in July 2023 with Hyundai Engineering & Construction as the lead financial investor. It then oversaw the overall PF arrangement, from feasibility reviews to designing the financing structure, recruiting financial institutions and securing funding.

In the mixed-use Block 2, the HMG Future Complex is planned, bringing together functions for artificial intelligence, software and research and development. Shinhan Bank sees the facility contributing to an expansion of business and R&D functions in the southeastern part of the greater capital area.

Housing supply will also proceed in stages. This month, 1,393 officetels are planned for supply in mixed-use Block 3, and an additional 180 units are planned later in Support Block 1. Total housing facilities will comprise 1,573 units.

A Shinhan Bank official said, "We will continue to identify development projects with business feasibility and future value and strengthen our role in productive finance based on our financing arrangement capabilities."