Medowie Woolworths

Medowie Woolworths

Address

39 – 47 Ferodale Road
MEDOWIE, NSW

Development

Woolworths

The Developer

BDS 3 Pty Ltd

The Brief

DFP and its team were approached by the developer, whom had legacy issues with its balance sheet, due to its major shareholder becoming financially distressed and therefore the market perception was that the subordinated development company shared the same issues. The developer, to further complicate matters had funded significant works to the site and required to be reimbursed those funds, which provided an LVR of 83% on completion.

The Solution

DFP’s Project Sydney Director Baxter Gamble worked in partnership with the clients to secure funding from a significant off shore lender, looking to further establish its credential’s in the Australian market. Funding was provided at the required level (83% of GRV) on a cost to complete basis, with an anticipated hand over date to Woolworths in May 2014.

Loan Amount

$13,700,000

End Value

$16,400,000

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