Edelweiss Financial makes Rs 175-cr exit from Paradigm Realty Andheri project
Edelweiss Financial Services has made an exit worth Rs 175 crore from a mixed-use township project of real estate developer Paradigm Realty that has repaid the debt two quarters ahead of schedule.
The early repayment was achieved through robust sales collections and refinancing at an interest rate of under 13% per annum, marking the beginning of the second phase of development for the township, the developer said in a release.
The debt was initially raised two years ago to fund the residential phase of 102 Downtown, a project spread over 10 acres in Oshiwara, a locality in Mumbai’s Andheri west suburb. The project, developed jointly with listed developer Prozone Realty.
The project encompasses a 4.5 million sq. ft. development potential, including 1.3 million sq. ft. of residential spaces and a proposed shopping center being one of the largest malls of western suburbs.
“The early exit provided to Edelweiss Financial Services is due to financial discipline and operational excellence. The funds played a pivotal role in expediting the delivery of the first phase of the project, comprising 600 apartments,” said Parthh K Mehta, CMD- Paradigm Realty.
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