US Market
First Rock Real Estate Investment Limited and its subsidiary FCH Jamaica Developers Limited has settled their debt with Sagicor Bank Jamaica Limited, utilising the proceeds of a corporate note structured and arranged by Mayberry Investments Limited.
The repayment on September 15 marks the formal exit from receivership for the Hambani real estate project in Liguanea, Kingston, First Rock said.
Chairman of First Rock Group Ryan Reid said Mayberry Investments has agreed to a payout of US$10 million, which should settle the outstanding obligations to Sagicor.
“Obviously, we’re very happy that we’re able to get this behind us. We’ll move on to the next phase, which is full and final completion of the remaining lots,” Reid told the Financial Gleaner.
Reid has not revealed the full size of the financing package, but said the 12-unit Hambani luxury residential development is now expected to be completed in the coming months. Mayberry also confirmed the deal, but its market filing was also absent specific details regarding the secured note and financing plan.