Camargo Real Estate Gets Caixa Support

Brazilian state-run bank Caixa Economica Federal has agreed to provide mortgages for clients of real estate developer Camargo Correa Desenvolvimento Imobiliario. The lender will provide approximately BRL4.2bn to cover a total of 35,900 housing units to be developed by Camargo, over a period of six months. The total includes BRL2.2bn for 22,000 units developed by HM Engenharia for the low-income segment. The interest rate varies based on the prices of the units involved, Camargo said, ranging from TR plus 5.5% to TR plus 11.0%.