Primewaterview Limited, a Nigerian based real estate development & investment company, has announced that it has received the proceeds of the second drawdown of $5 million from the $2 billion financing facility previously committed by Milost Global Inc., a U.S. private equity firm. Palewater Advisory Group Inc. is the adviser to the transaction.
The company said it expects to receive additional funds from Milost Global Inc. for the development of the project pipeline at the company and that it intends to use the proceeds of the second draw down to cover long – term working capital in Nigeria and also fund the completion of its new head office, which is already 60 percent complete.
“Communal living has always been the bedrock of our existence in Africa; solitary confinement is a strange phenomenon in our societies. Recreating this communal lifestyle in urban settings and adding a touch of impeccable luxury has remained our inspiration for the development of Primewaterview’s Communities of Our Dreams,” Adetunji Ogunwusi, chairman and CEO of Primewater, stated.
Solly Asibey, senior partner & president of Milost Global Africa, said “Primewaterview has shown us all that perseverance, hard work and teamwork collectively channeled in the right direction does indeed deliver positive results. Coupled with the expertise of the Milost Investment team, and the Palewater Advisory team, they have worked tirelessly to bring this great transaction to fruition within a record time. Kudos to the teams! Keep up the good work!.”
Milost Global, founded by Mandla J Gwandiso in 2015 is an American Private Equity firm that is headquartered in New York City, with more than $25 billion in committed capital. Milost is also a provider of alternative capital, mezzanine finance and alternative lending to a broad range of industries across the globe including Technology, Transport, Cannabis, Education, Distribution, Mining, Oil and Gas, Financial Services, Healthcare, Pharmaceuticals, Real Estate, Alternative Energy and Infrastructure Development.
Mezzanine financing is a hybrid of debt and equity financing that gives the lender the rights to convert to an ownership or equity interest in the company in case of default, after venture capital companies and other senior lenders are paid.
Primewaterview Limited is a wholly owned Nigerian company and was founded by Adetunji Ogunwusi in 2005 as a subsidiary of Primewaterview Holdings Limited.
Prior to its incorporation in 2005, Primewaterview Limited operated as an Investment and Real Estate Company. The company has completed various residential/commercial properties in highbrow areas such as Ikoyi, Victoria Island and Lekki, Lagos Nigeria.