Italian Forum

Italian Forum

Address

20 Balmain Road
Leichardt, NSW

Development

157 Residential Apartments
2 levels of Retail and Commercial, 478 car parks
Cultural Centre and Library

Developer

Chase Property Investments Pty Ltd

Loan Amount

$54,000,000

End Value

$82,000,000

The Brief

To provide funding for a unique and unproven development format, utilising a DCF (Design Construct & Finance) Turn Key Package, for a developer who had never undertaken a project of this magnitude.

The Solution

We arranged a Club Bank Facility (where two Banks participate for varied amounts) in the funding of a Cash Advance and Bank Guarantee, as the amount was too large for a single Bank.
The Cash Advance assisted the developer to fund the refinance of the acquisition debt and provided further funds to undertake various works and assist with sales of the units, retail and commercial suite on the site.
The Bank Guarantee gave the builder, Civil & Civic, peace of mind, knowing that on completion that they would be financially compensated to produce the buildings.
This effectively mitigated the development risk from the under experienced developer to a proven building company whose parent was a Public Company (Lend Lease).

Could your next project benefit from some expert development finance? Get in touch.