FCMB backs TotalEnergies’ cooperative housing project with $40m

First City Monument Bank (FCMB) and TotalEnergies Staff Housing Cooperative Multipurpose Society Ltd (TEHC) have partnered to finance and deliver Louisville Phase 1, a tower that will comprise 157 residential apartments, including two and three-bedroom apartments, four-bedroom maisonettes, and five-bedroom penthouses, in Eko Atlantic City, Lagos. This residential tower is phase 1 of the larger […]

First City Monument Bank (FCMB) and TotalEnergies Staff Housing Cooperative Multipurpose Society Ltd (TEHC) have partnered to finance and deliver Louisville Phase 1, a tower that will comprise 157 residential apartments, including two and three-bedroom apartments, four-bedroom maisonettes, and five-bedroom penthouses, in Eko Atlantic City, Lagos.

This residential tower is phase 1 of the larger Louisville project, a $150 million mixed-used development that will include a world-class hotel complex, a world-class commercial center with retail shops, multipurpose halls, high-quality cinemas and a games arcade, state-of-the-art sporting facilities with a gym, swimming pool, and wellness center, and a car park facility to accommodate over 1,400 cars.

FCMB, the sole financier for the development of phase 1, is providing a $40 million facility for residential development.

The piling work has been completed, with construction scheduled to be completed in phases over the next 36 months.

Yemisi Edun, Managing Director and CEO, FCMB, said: “This partnership with Total Energies Housing Cooperative Multipurpose Society Ltd is our commitment to finance a project that supports Nigeria’s urban growth. The Louisville Mixed-Use Development supports integrated living and the development of a live, work and play environment that meets global standards in facilities and hospitality. This collaboration reflects FCMB’s strategic focus on real estate to enable job creation and community development.”

Also, Oluwakemi Balogun, Chief Commercial Officer, TEHC, stated that “This partnership marks a bold step in global collaboration for urban renewal. We’re proud to work with FCMB to bring to life the first phase of the elite urban ecosystem in Africa.”