Sophia House

Sophia House

Address

127- 133 Leicester Street, Carlton, VIC
 

Development

106 Student Units, over a 9 storey building, plus a ground floor retail coffee shop and 11 car spaces.

Developer

Sophia House in Joint Venture with Spencer Lawyer Partners

Loan Amount

$11,500,000

Equity

$3,000,000

End Value

$20,735,000

The Brief

Provide debt and equity to finance development of the 109 student units.The subject land formed part of a more substantial development incorporating a further site of 90 student units and undertaking both developments at the same time would strained the developer’s resources.

The Solution

We introduced a group of high net worth individuals which partnered the developer providing a majority of the equity. Construction finance was provided without the requirement for presales by a private lender based upon an initial LVR of 65% of GRV.

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