First Mortgage Cremorne

Pallas Capital invites eligible investors to participate in this First Mortgage Construction investment opportunity located in Cremorne, a vibrant office and retail precinct located 2.5km east of the Melbourne CBD.

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7.75% p.a.
Investor return net of all fees paid quarterly in arrears
Dec '23 Maturity
An anticipated Loan Term of 22 months
65% LVR
Of the ‘As if complete’ value of the Security Property

Project Details

The Loan will be used to repay existing indebtedness on the Security Property; fund construction costs; and to fund loan interest and establishment costs.

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01
Investment
$79.1 million to be raised by the progressive issuance of Class A Units in the Trust.
02
Security
First Registered Mortgage over the Security Property; General Security Agreement over the Borrower; Personal Guarantees provided by the Personal Guarantors; Corporate Guarantees provided by the Corporate Guarantors; and Tripartite Deed between the Lender, Borrower and Builder.
03
Exit Strategies
First: Refinance with a term debt facility. Second: Sale of the Security Property.

The Location

The Security Property is situated in Cremorne, an inner-city Melbourne suburb approximately 2km east of the Melbourne Central Business District. The location is well-serviced by local cafes, restaurants, the Swan Street and Church Street retail strips, and the Melbourne Botanical Gardens. The Melbourne Park sporting precinct is within 500 metres of the Development Site, which features AAMI Park, the Melbourne Cricket Ground and Rod Laver Arena.

The Security Property benefits from close proximity to the Richmond and East Richmond Railway Stations, Swan Street train route and direct freeway access to Melbourne CBD as well as the eastern and south-eastern suburbs. The Tram services operate along Swan Street and Church with the bus services being available along Punt Road.

It is likely that the Security Property will remain one of the few developments within Cremorne offering larger scale floorplates over 1,000sqm.

Nearby Amenities
1) Coe & Coe Café
2) Swan Street Retail Precinct
3) Coles
4) Fitness First
5) East Richmond Station

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Call +61 434 113 201 now to invest in this opportunity. Alternatively, provide your contact details below to receive the IM.