QFG Secures Structured Finance Package for Project in West End
QFG structures a 1st Mortgage and Preferred Equity Finance Package at VIDA – West End
QFG was engaged, by a repeat client, to secure a structured finance package for an iconic development on the Brisbane River at West End.
Finance for a 1st mortgage was obtained at 80% of total development costs, this was sourced from a second tier bank. The loan amount was $61,000,000 PLUS a GST facility of $500,000.
A $12,800,000 preferred equity package was secured which represented 72% of the projects overall required equity.
The developer’s ability to secure a high level of presales within a quick timeframe through an excellent marketing campaign assisted with the success of the finance package, with 95% of the apartments sold off the plan.
VIDA is a direct riverfront apartment development over two 12 storey buildings. It is located within 2km of the Brisbane CBD in the vibrant hub of West End.
It features 144 one, two, three and four bedroom apartments and 5 bedroom sub-penthouses and two level penthouses, plus 209sqm of retail.
VIDA was designed by Cottee Parker architects.