The property is located on the northern side of Lakeside Parade, Jordan Springs, a predominantly residential suburb located 47 kilometres north west of the Sydney CBD and 6 kilometres east of Penrith. The property comprises a regular shaped development site and is 4,460 sqm in size. The development will comprise 9 x one bedroom, one-bathroom units, 65 x two-bedroom, two- bathroom units and 10 x three-bedroom, two-bathroom units. Surrounding development comprises predominantly low-density and high-density residential development together with commercial and retail tenancies.
Retail amenities such as Jordan Springs Shopping Centre, which includes a Woolworths Supermarket, is 400 metres away, and Westfield Penrith is within seven kilometres. Transport amenities including Kingswood train station is within five kilometres and Penrith train station is within seven kilometres. A bus service runs from the Jordan Springs Shopping Centre to Penrith train station.
Several education facilities are located in proximity, including Jordan Springs Public School, which is 500 metres away, and Western Sydney University campus and a TAFE are located nearby in Kingswood. The Security Property benefits from access to the M4 motorway which is eight kilometres away.
The purpose of the Syndicate-Fund is to refinance the existing loan facility (Syndicate-Fund 642) to assist with the development of 2 four-storey buildings comprising 84 residential units above a two-level basement car park at 76-94 Lakeside Pde, Jordan Springs, NSW (‘Security Property’).
| Interest rate(p.a.) | 9.00% |
| Loan to value ratio (max.) | 66.93 % |
| Loan start date | 06 October 2023 |
| Expected completion date | 15 May 2024 |
| Initial debt coverage ratio | 20.68% |
| Updated debt coverage ratio | 47.47% |
| Undrawn loan amount | $1,732,000.00 |
