Fully Invested

Fortitude Valley, QLD

Completed residential apartments

The Loan is a Residual Stock Loan secured by a first registered mortgage over 26 strata titled residential apartments in the recently completed ‘The Coterie’ development in Fortitude Valley, approximately 1.5km north east of the Brisbane CBD.

‘The Coterie’ is a new residential complex completed by the Borrower Group in early 2020. The development comprises 249 apartment (127 x 1 bedroom, 99 x 2 bedroom and 23 x 3 bedroom configurations), as well as ground level retail and first level office space, over two (2) towers of 28 storeys. Of the 249 apartments, 167 have been sold, 26 form Security for this Loan and 56 are held unencumbered by the Borrower Group.

The 26 units in the Security pool comprise a mixture of one, two, and three bedroom apartments ranging in size from 58m2 to 207m2.

The purpose of the Loan was to refinance construction finance.

The Borrower Group is an experienced Melbourne based property developer with over 25 years' experience, specialising in mixed-use property developments.

  • The Loan was advanced at a Loan to Value Ratio of 64%.
  • The Target Return is 5.20% p.a., net of fees and expenses, and is paid to Investors monthly in arrears.
  • The Loan is supported by multiple joint and several guarantees and a General Security Agreement over the Borrower.
  • Interest calculated as sufficient for the Loan Term has been lodged on deposit with the Manager.
  • The Loan Term is 8 months, subject to early or late repayment, from 24 June 2021 to 23 February 2022.

Investment Details

  • Target Return
    5.2% net
  • Loan to Value Ratio
    64%
  • Term
    5 Months

Full details, unique to each investment, are provided to Investors in a Supplementary PDS. These detailed Supplementary PDS’s are only available to Investors in Balmain Private.

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