Union Place Project – Sydney:
BCP Finance arranged debt financing facilities to assist an equity syndicate, arranged by White & Partners, acquire and redevelop the Jannali Inn located at 34-38 Railway Crescent in the Sydney suburb of Jannali. BCP Finance arranged a loan facility to assist the White & Partners syndicate acquire the Jannali Inn in late 2015 for a price of $10.0 million. Following a period for design and planning, BCP Finance has recently arranged a Construction Loan Facility with the Bank of Queensland, for the development of 89 apartments in a twin tower design, along with a tavern-style hotel on the ground level. Construction commenced in February 2017 with completion due in the last quarter of 2018.
EkkoPoint Properties – Brisbane:
BCP Finance congratulates Ben McCarthy and the team at EkkoPoint Properties on the successful completion of three Projects in the northern suburbs of Brisbane: Carseldine Close in Bald Hills; Limestone Place in Carseldine; and Vicinity in Everton Park.
The Carseldine Close Project comprised the development of 44 town-villa residences consisting of 2 and 3 bedroom, 2 bathroom duplexes and 2 stand-alone 2 and 3 bedroom, 2 bathroom town-villas. The Project is situated in the established suburb of Bald Hills, on the border of Carseldine and 15 kms from the Brisbane CBD.
The Limestone Place Project consisted of the development of 33 residences, combining a mixture of 5 freestanding land lots along with 12 x 4 bedroom, 2 bathroom duplex townhouses, 5 x 2 bedroom, 2 bathroom town-villas, 5 x 3 bedroom, 2 bathroom town-villas and 6 vacant standard format plan lots and 3 vacant allotments for house and land packages. Limestone Place is located in Carseldine, 14 kms from the Brisbane CBD, and directly adjacent to EkkoPoint Properties very successful Limestone Park Project which was completed in 2013.
The Vicinity Project consisted of 48 x 3 and 4 bedroom townhouses with elevated views over an acre of communal open space in Everton Park which is located 10 kms from Brisbane’s CBD.
BCP arranged the debt financing packages for all three of the Projects and included of a mix of Senior Construction Loans from Australian Banks as well as Mezzanine Loans from private investors. The Projects were successfully delivered as expected and all of the debt facilities have now been repaid. BCP Finance has arranged the debt financing packages for EkkoPoint Properties last 13 projects.