AVARI Mamre Road Mortgage Fund

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Investment start date

December 2022

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Asset Class

Property Debt

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30-Day BBSW + 7% paid monthly. Total return target of 10.6% over 11-month term.

The investment was a first mortgage, senior secured debt facility, secured over the land at 885-899 Mamre Road, in the Western Sydney area of Kemps Creek. The area is fast becoming an industrial hub, with the construction of the new Badgery’s Creek Airport due for completion in 2025-2026.

The loan will be used to settle the asset purchase and work on development approval and has a current loan-to-value ratio of 57%, with an independent valuation recently complete at $42m. There is significant credit support underpinning the loan facility, with four months interest paid upfront, a personal guarantee, and a 60% LVR covenant.