During 2020, in a climate of low presales and pandemic restrictions, CVS Lane provided an accomplished Sydney developer with a $17 million structured senior debt facility, funding the construction of their five-level, 17 unit boutique apartment development in the beachside suburb of Cronulla.
CVS Lane worked collaboratively with the client and their existing financier to refinance existing debt and activate the development within a tight time-frame.
With the impressive efforts of the client and support of CVS Lane, the project was completed and the facility fully repaid, three months ahead of plan.
A CVS Lane client acquired a 1,984 square metre development site located in inner east Melbourne, with a view to proceeding with a boutique mixed use development, incorporating 40 residential dwellings and two retail units.
In August 2020 CVS Lane provided a first mortgage land facility to assist with the acquisition. CVS Lane subsequently extended the facility to assist the client fund preliminary development costs.
The land facility was successfully repaid within 21 months as the client progressed to the construction phase, supported by a second mortgage construction facility provided by CVS Lane.
In December 2015, CVS Lane provided a $20.6 million preferred equity facility to assist the with acquisition of a distressed debt position in a 42-hectare, future residential land subdivision site on the Gold Coast.
The CVS Lane preferred facility, which included a profit share component, was successfully repaid in July 2021.
In early 2022 CVS Lane provided a funding facility for Stage One of a state-of-the-art retirement village in a northern Brisbane suburb.
Stage one will consist of 53 self-contained residences (known as Independent Living Units or ILUs) as well as key common areas for the entire three-stage complex. When fully completed the 3.9-hectare site will comprise 145 ILUs, with an expected end value of approximately $63 million.
With migration into south-east Queensland currently at unprecedented levels the development is designed to meet rapidly growing demand from retirees in the local catchment area.
During 2020 CVS Lane provided two first mortgage land facilities ($10 million and $26 million respectively) to assist a Queensland-based client acquire two beachfront parcels of land on the Gold Coast.
The adjoining parcels were to be developed into a mixed-use hotel and residential complex across two towers, comprising 132 hotel rooms and 92 residential apartments. The facilities were repaid in March 2022.
A further $4.41 facility was provided in late 2021 to assist with early development works.