Transcon Developers Private Limited has raised structured debt finance

March 2025 — The transaction is a landmark resolution in the distressed real estate sector, involving a structured solution of US$64.6 million (INR5.5 billion) for a leading real estate developer in the Mumbai Metropolitan Region (MMR). The transaction was backed by a global special situations investor. The project had a total debt carrying value of approximately US$76.3 million (INR650 crore), of which US$29.4 million (INR250 crore) was deemed unsustainable.

With over three decades of experience, Transcon Developer Private Ltd. is a premier property developer in the Mumbai Metropolitan Region (MMR), specializing in residential and commercial projects. The company has successfully delivered approximately 7.7 million square feet of real estate, with an additional 2 million square feet currently under development. Ongoing projects are expected to be completed within the next three to four years. Transcon’s developments in prime locations such as Bandra, Kalina, Santacruz, Andheri, Malad and Mulund benefit from strong underlying demand fundamentals.

Our role in the transaction

Oaklins’ team in India successfully engineered a comprehensive resolution with existing lenders while simultaneously arranging refinancing and securing additional capital, ensuring both the sustainability and continuity of the project. As part of the resolution strategy, interest on the unsustainable portion of the debt was waived, and the overall debt exposure was right-sized to a sustainable level, effectively addressing capital structure inefficiencies. To preserve liquidity, US$17.6 million (₹150 crore) of obligations were strategically structured through an inventory allotment to the previous lender. The remaining debt was fully taken out in cash, providing much-needed financial stability and operational continuity. Furthermore, the new financing structure was deliberately designed to be National Company Law Tribuntal (NCLT)-remote, reducing insolvency risk and protecting the project's progress. In addition to resolving the existing liabilities, the team arranged a further US$17.6 million (₹150 crore) in fresh funding to fast-track project completion and secure critical regulatory approvals. This milestone transaction underscores the Oaklins India team’s deep expertise in executing complex, time-sensitive financial solutions within the distressed real estate space.