The Centrale
South Korea s Meritz Securities Co. is at high risk of incurring losses from its $350 million lending on a luxury condominium tower in Manhattan, New York, after its developer has been several months behind on interest payments on the loan, according to investment banking sources on Apr. 5.
In February 2020, Meritz provided a $350 million loan to the developer of The Centrale, collateralized on the unsold units of the 63-story residential tower in Midtown East of Manhattan. The tower consists of 124 condo residences and retail space on the lower level. At the time of the investment, most of the condo units were unsold.
South Korea-based fresh food logistics startup Team Fresh has concluded its 30 billion won ($26.7 million) Series C round, attracting high-profile investors such as KT Investment, Kakao Investment alongside existing investors, NH Capital – DTN Investment, STIC Ventures and Shinhan Capital.
So far, Team Fresh has netted 53 billion won in fundraising. The company is expected to have received an enterprise value of around 140 billion won in the latest funding, a sharp rise compared to the 85 billion won valuation from the Series B round, according to venture capital industry sources.
The company plans to use the proceeds for its operations and to expand its logistics centers.
Hyundai s Asan plant.
Hyundai Motor Co. will likely suspend a second plant due to a component supply disruption as a global shortage of automotive chips is putting the top South Korean automaker under increasing pressure.
According to industry sources on Apr. 5, Hyundai Motor notified its labor union of its decision to halt its Asan plant for three days from Apr. 7 and run only half of the facilities for Apr. 12-15. The Asan factory mainly produces the Sonata and Grandeur sedans.
The brief suspension was due to a shortage of the power control unit (PCU) that supports the vehicle electrical system, according to industry officials. The shortage is affecting an estimated 7,000 sedans, they added.