BEIRUT: A consortium of four Lebanese banks, led by Al Mawarid Bank, has arranged a syndication loan worth $28 million to fund Venus Real Estate, a property development firm based in Beirut.

The consortium consists of Jammal Trust Bank, Lebanese Swiss Bank, Fenicia Bank and First National Bank, Mawarid Bank said in a statement Thursday.

"This agreement represents a first in this sector where prominent mid-size banks join hands to execute a large transaction that will benefit the whole economic cycle in Lebanon," said Marwan Kheireddine, the chairman of Al Mawarid Bank and a Lebanese state minister.

Venus Real Estate is to develop Venus Towers, a $500 million project of mixed-use residential and commercial buildings, in Mina El Hosn, in Beirut Central District.

The project, which stretches over a 7,510 square meters, will include 3 buildings, of 30, 26 and 20 stories each, and a total of 162 apartments. It will also include commercial stores at ground level and four underground basements.

The project is expected to be completed by the end of 2014.