The proposed development is in the suburb of Brighton East which is approximately 13 kilometres south-east of the Melbourne CBD. There are retail amenities located around the Bay Street retail strip located about one kilometre from the development. In addition, the proposed development is within two kilometres of primary schools including St Finbar’s (Catholic), Brighton Primary School, and St Leonard’s College. Secondary schools in the area include Brighton Secondary College, St Leonard’s College and Haileybury College.
The purpose of the Syndicate-Fund is to assist with the refinance of Syndicate-Fund 638 and to provide the Borrower time to prepare 68-76 Union Street and 26 Miliara Grove, Brighton East, VIC 3187 (‘Security Property’) for redevelopment, including but not limited to obtaining pre-sales, site preparation and finalisation of drawings and builder tenders.
Status of development
As of 24 May 2023, the development is vacant cleared land with some small trees scattered throughout. The proposed development was previously occupied by the Benetas Humingham Age Care facility which was decommissioned and demolished in October 2016.
| Interest rate(p.a.) | 8.60% |
| Loan to value ratio (max.) | 65.00 % |
| Loan start date | 27 October 2023 |
| Expected completion date | 31 March 2024 |
| Initial debt coverage ratio | 0.00% |
| Updated debt coverage ratio | 0.00% |
| Undrawn loan amount | $2,367,000.00 |
