Union Properties (UP) has signed a $79m (AED290m) project finance facility for the construction of its $123 million (AED450m) Oia Residence project in Motor City.
Ajman Bank and National Bank of Ras Al-Khaimah acted as joint lead managers, Alpen Capital (ME) Limited - the sole financial advisor on the transaction - said in a statement.
The project, designed by AK Design, will include 269 residential units including duplex apartments with private gardens, terraces, and direct access to the swimming pools.
The community will be furnished with secure parking, swimming pools, gyms centre, squash court, and other diverse facilities.
In May, the company said it had awarded the main construction contract to China State Engineering Corporation Middle East.
The project is expected to be completed by the end of 2017.
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