[Apartment PF Inside] Siheung The Class, maturity of subordinated 40 billion won debt extended again

The KRW 40 billion subordinate PF loan for Hillstate Siheung The Class, built by Hyundai Engineering, has been extended by three more months to October 28.

The refinancing was done through an ABSTB issuance, and Hyundai Engineering’s KRW 52 billion capped joint guarantee remains in place.

Sales at the project are ongoing, but the subordinate principal has not yet been repaid, and further extensions are possible if conditions are met.

The extension shows that project-finance risk and contractor guarantee exposure are continuing despite the pace of pre-sales.