SNG & Partners has advised a secured rupee term loan facility, which is in the nature of a lease rental discounting facility, of ₹32,500 Million (₹3,250 Crores) extended by HDFC Bank Limited to Atrium Place Developers Private Limited for the refinancing of existing construction finance and for meeting balance project costs of ongoing projects of Atrium Place Developers Private Limited, its promoters or its subsidiaries and/ or its parent entities.
The facility is structured as a lease rental discounting (LRD) loan, with approximately ₹3,068 Crores earmarked for repayment of three existing facilities and the balance for permitted end uses, including ongoing construction. Security includes a first-ranking pari passu charge by way of (i) mortgage over the project property (Atrium Place, Gurugram); (ii) hypothecation of receivables and current assets; (iii) hypothecation over project accounts; and (iv) hypothecation or equitable assignment of right, title, interest, benefits, claims and demands whatsoever of the Borrower under the project documents, clearances, and insurance proceeds.
A key legal consideration in this transaction was the joint venture structure of Atrium Place Developers Private Limited, a prominent real estate development entity, which is backed by DLF Home Developers Limited and Daibiru Hines Trust. This required a detailed analysis of the JV arrangement to determine the consent thresholds and governance mechanics applicable to the borrowing and security creation.
The transaction was led by Aditya Vikram Dua, Partner and Head of Financial Services, and Aniket Sawant, Associate Partner, Corporate Advisory & Partner Equity, who oversaw the strategic legal execution. The team comprised Parvathi Menon, Senior Associate, Mr. Kartikeya Rao, Associate, and Ms. Sonali Nagariya, Associate.
