Minchinbury, Sydney NSW
The Developer wanted to commence construction on a new Large Format & Trade Retail Centre (12,000m2 building area) as soon as possible as the sunset date clauses on their pre-committed tenancies were fast approaching.
Even with the short build time of 10 months, strong sponsor/developer experience and over 60% of the proposed net passing income secured by agreements for lease with ASX listed and national tenants no banks or second-tier lenders would consider the funding in the current environment.
Balmain assisted with providing a construction facility to refinance existing site finance and fund construction. Term of 18 months provides a sufficient buffer to refinance construction facility to a term debt facility on completion.
Funding was provided via the Balmain Opportunity Trust.