The Property is in the suburb of Balwyn, approximately nine kilometres east of Melbourne's CBD, in the jurisdiction of the City of Boroondara. The Security Property is surrounded by both single and two-story detached dwellings to the north, east, and west, with a single-level dwelling to the south. The broader area is similarly characterized by these types of residential properties.
The Property comprises 62 titles and forms a rectangular-shaped site, covering a total area of approximately 3,861 sqm. The land is mostly level and sits in an elevated position, as Maleela Avenue rises from the north to the south. The building provides amenities such as communal lounge rooms, a reception area, a kitchen, and laundry facilities. There is also a car park which is located near the northern site boundary.
Public transportation is accessible, with tram routes along Whitehorse Road approximately 100 meters north of the Security Property, and Camberwell East Railway Station located approximately 1.4 kilometres south. Several schools, including Camberwell Grammar School, Genazzano College, Deepdene Primary School, Canterbury Girls' Secondary College, Fintona Girls School, and St Paul's College are within a one-kilometre radius.
The purpose of the Syndicate-Fund is to assist with the acquisition of 23 Maleela Avenue, Balwyn VIC 3103, and to provide the Borrower time to obtain a Planning Permit and finalise documentation for the proposed development of 34 residential apartments.
| Interest rate(p.a.) | 9.00% |
| Loan to value ratio (max.) | 65.00 % |
| Loan start date | 09 August 2023 |
| Expected completion date | 08 August 2025 |
| Initial debt coverage ratio | 0.00% |
| Updated debt coverage ratio | 0.00% |
| Undrawn loan amount | $976,000.00 |
