The proposed development is located on the eastern side of Newcastle Street, Rose Bay, New South Wales. Rose Bay is
a relatively affluent, predominantly residential suburb located in the eastern suburbs of Sydney, nine kilometres from the Sydney CBD.
The surrounding development comprises a variety of one and two-storey residential dwellings of various ages and architectural style together with buildings of residential flats. Local shopping facilities are located 250 metres away at the Rose Bay Village and include a Woolworths and IGA supermarket. The regional Westfield Bondi Junction Shopping Centre is three kilometres away. It’s 600-metre walk to the Rose Bay waterfront, which includes the Rose Bay Wharf, Woollahra Sailing Club and Lyne Park. Bondi Beach is located two kilometres away.
The purpose of the Syndicate-Fund is to refinance and increase the existing loan facility (Syndicate-Fund 612). Syndicate-Fund 612 was to assist with purchasing the property and constructing 10 seniors living units above a basement carpark at 30-32 Newcastle St, Rose Bay. The new loan facility (Syndicate-Fund 653) is required to cover the increased costs for the construction delays due to significant inclement weather, redesign changes, and the appointment of a new build after the original builder went into administration.
| Interest rate(p.a.) | 9.10% |
| Loan to value ratio (max.) | 67.43 % |
| Loan start date | 28 February 2023 |
| Expected completion date | 17 November 2024 |
| Initial debt coverage ratio | 43.69% |
| Updated debt coverage ratio | 67.72% |
| Undrawn loan amount | $3,363,000.00 |
