First Mortgage Construction Rose Bay

Pallas Capital invites eligible investors to participate in this First Mortgage Construction investment opportunity located within the affluent, harbour side suburb of Rose Bay.

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7.5% p.a.
Investor return net of all fees paid quarterly in arrears. 7.50% p.a. for investment amounts less than $500,000, or 8.00% for investment amounts greater than $500,000.
March 2023
Redemption date, based on forecasted settlement anticipated in July 2021
70.0% LVR
Of the ‘as if complete’ Gross Realisation Value

Project Details

The purpose of this loan is to assist with the settlement of the acquisition of the Security Property; and to fund the construction of a three-storey residential building in Rose Bay comprising eight apartments. Demolition and early works will commence in July 2021 with an estimated build term of 18 months.

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01
Investment
$20.8m First Mortgage Construction Loan. The Loan will be progressively drawn as construction works are completed.
02
Security
First ranking Registered Mortgage over the Security Property; first ranking GSA over the Borrower; Personal Guarantee from the Sponsor; and Tripartite Deed between the Lender, Borrower and Builder in relation to the building contract for the construction works.
03
Exit Strategies
First: Sale of Completed Apartments; Second: Refinancing with a Residual Stock Loan.

The Location

The property is located on the eastern alignment of Wilberforce Avenue within the affluent, harbour side suburb of Rose Bay, approximately 7km east of the Sydney CBD.

The development is in close proximity to the Rose Bay retail strip which provides small boutiques, banks, a range of restaurants, a medical centre, a post office, a petrol station, a range of grocery stores, beauty and fitness options. Major shopping facilities are located at Westfield Bondi Junction approximately 4km south-west of the property, with Bondi Beach approximately 2km to the south.

 

Nearby Amenities
1) Snap Fitness Rose Bay
2) Rose Bay Retail Precinct
3) Woolworths
4) Royal Sydney Golf Club
5) Rose Bay Wharf
6) Scots College

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