BCP Finance has successfully arranged a non-recourse Loan Facility to assist an equity syndicate, arranged by White & Partners, acquire the General Gordon Hotel in Sydenham, Sydney. The facility was provided by the CBA to assist the syndicate to acquire the going concern hotel. It is proposed that the hotel be refurbished in the near term.
BCP Finance has jointly arranged a non-recourse Construction Loan Facility for $37 million, with newly established White & Partners Debt Management (“WPDM”), to assist ASX listed Blue Sky Private Real Estate fund its Duke Project located in Kangaroo Point, Brisbane. WPDM is a first mortgage non-bank debt provider established in late 2016 by BCP Finance in partnership with White & Partners and Mulpha Australia Limited to provide debt funding for Australian property transactions. WPDM provided a loan facility for 70% of development costs and at an LVR of 61%. The Duke Project involves the development of a 15 storey, 125 apartment complex. The Project is across the road from the Gabba Cricket Ground and features a rooftop pool and terrace over-looking the stadium. The development is close to the CBD and is well serviced by the retail and restaurant precinct in Stanley Street. Construction is well advanced on the Project with completion expected in October 2017.
BCP Finance congratulates Ben McCarthy and the team at EkkoPoint Properties on the successful completion of three Projects in Brisbane: Carseldine Close in Bald Hills; Limestone Place in Carseldine; and Vicinity in Everton Park.
The Carseldine Close Project was 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.
BCP Finance arranged a non-recourse Loan Facility with the CBA to assist an equity syndicate, arranged by White & Partners, acquire the freehold and leasehold of the Tennyson Hotel, located in Mascot, Sydney. The White & Partners syndicate acquired the hotel and operating business for $25.0 million and obtained approval to renovate and refurbish the hotel. In addition, the new operator of the hotel (JDA Hotels) dramatically improved the operating performance of the hotel over a 12 month period. In December 2016, the Tennyson Hotel was sold to the Hemmes Family’s Merivale Group for $37 million, representing an increase of 48% over an 18 month period.
BCP Finance has arranged the refinancing of the award winning Malvern Hotel located at the corner of Malvern Road and Glenferrie Road, Malvern and the Belgian Beer Café situated at 5 Riverside Quay, Southbank. The working capital and transactional bank facilities were provided by the NAB to support the operations of these established hotels.
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 syndicate acquire the Jannali Inn in late 2015. 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.
BCP Finance arranged a Term Loan Facility with the CBA to assist White & Partners and the JDA Hotel Group acquire the freehold and leasehold of the Mermaid Beach Tavern, located on the Gold Coast Highway in Mermaid Beach. The non-recourse, interest only, term loan was arranged at an Loan to Value Ratio of 57.5%. The JDA Hotel Group is now managing the day to day operations of the tavern following settlement of the transaction.
BCP Finance is pleased to announce that it has partnered with White & Partners and Mulpha Australia Limited (“Mulpha”) to establish White & Partners Debt Management Pty Ltd (“WPDM”). WPDM has been established to deliver private investors access to the Commercial Real Estate Loan market by providing First Mortgage Loans to property developers and investors. White & Partners is part of the Ray White Group, which has been operating for over 115 years and is Australia’s largest real estate network as well as an experienced funds manager. Mulpha is listed on the Malaysian Stock Exchange and is a global investor in high-end property development and investment, retirement, healthcare and infrastructure assets which includes the Intercontinental Hotel in Sydney, Sanctuary Cove, Hayman Island and maintains a strategic stake in the Aveo Group (Australia’s largest owner of retirement communities). The partnership brings together longstanding and experienced groups that specialise in the financing, property development and investment, and funds management markets in Australia.
WPDM has been established to deliver attractive risk adjusted returns to investors by providing tailored first mortgage lending solutions to borrowers. With regulatory pressure being applied to the Australian Banks and with the Banks pulling back on loan parameters in segments including property development and investment, there is growing opportunities to replace the funding not being provided by banks through structured investments for investors. First mortgage lending provides strong capital protection, as well as attractive risk adjusted returns, a strong security position, and diversification benefits.
For more information on WPDM, contact BCP Finance or refer to the following link – www.whiteandpartners.com.au/debt-management/profile/
BCP Finance was announced as winner of three Business Excellence Awards in Singapore on 1 September 2016. BCP Finance won the following 2016 FAST Business Excellence Awards:
State Brokerage of the Year – Victoria / Tasmania;
Commercial Broker Group 5+ Brokers – Victoria / Tasmania (4th consecutive year); and
Residential Broker Group 5+ Brokers – Victoria / Tasmania (3rd consecutive year).
BCP Finance was also one of four finalists for the National Brokerage of the Year Award. The Awards reflect BCP Finance’s role as one of Australia’s leading commercial and residential broking groups.
BCP Finance has successfully arranged a debt financing package to assist with the redevelopment of the Village Belle Hotel in St Kilda. The original hotel, which is located in the heart of St Kilda’s commercial precinct, dates back to 1870. The redevelopment comprises the refurbishment of the heritage listed part of the hotel, the demolition of the non heritage listed portion of the existing building and the construction of a large conservatory style bar and bistro area. It also includes the development of 12 residential apartments over 2 levels and the creation of a basement carpark for residents and hotel staff. The financing package was completed with Westpac after BCP Finance completed a tender process.