A preferred equity facility was provided to a developer to repay an existing first mortgage loan and part fund the construction of 46 industrial units varying in size from 90 to 1,566sqm and 112 car spaces as part of the industrial precinct at Bluestone Industrial Estate in Quarry West.
Quarry West was established in 2010 in Western Sydney providing over 220,000sqm of purpose built and speculative facilities for logistics, warehousing, manufacturing and storage users. The industrial precinct is home to a number of national and international tenants including Fujitsu, Reece Plumbing, Bunnings, Trade, Blackwoods, Toshiba, UPS and Makita.
The developer opted to go with White & Partners due to the flexibility around lending on offer and a strong existing relationship. At the time of settlement, the project was DA approved and 40% of the estate had sold.
In addition, White & Providers arranged the senior debt lender on behalf of the developer. National Australia Bank were comfortable with becoming involved when assured of White & Partners participation in the project.