Property

Following the success of its previous property funds, Gresham Property established its 5th fund, GPF No.5 in 2015, to provide the Australian property market with a “stretch senior” finance product for development and investment opportunities. This Stretch Senior funding is available across all stages of a property development life cycle or investment period.

Property Capital Financing

Property Capital Financing

Following the success of its previous property funds, Gresham Property established its 5th fund, GPF No.5 in 2015, to provide the Australian property market with a “stretch senior” finance product for development and investment opportunities

This Stretch Senior funding is available across all stages of a property development life cycle or investment period.

GPF No. 5

GPF No.5 Fund (“GPF5”) is primarily designed to provide a broad spectrum property debt offering for property developers and investors seeking a credible alternative to major bank funding. GPF5 can provide a single source of capital for developers and investors which traditionally would only be available through a combination of senior + mezzanine debt. Alternatively GPF5 can provide senior debt leverage with more flexible terms. For larger transactions, GPF5 can offer the mezzanine / preferred equity only component of the funding.

GPF5 is not designed to compete with bank financing and where bank financing alone can be achieved, GPF5’s offering would not be competitive.

GPF5 is active Australia wide, focusing on major metropolitan areas and can be used to fund most property asset classes.

From a borrowers’ perspective having a single source of capital for their projects, removes a significant amount of transaction complexity and uncertainty and the requirement to negotiate with both a senior and junior lender, and agree terms of an intercreditor deed.

GPF5 is targeting exposures in the $20m-$100m range, although larger loans can be considered for the right projects.

Since Q3-2015 GPF5 has invested $200 million in development projects across Sydney and Brisbane. GPF5 investments to date have all used the stretch senior product providing a single source of capital (first ranking debt) for developers who sought additional leverage as compared to major banks.

Projects have included:

Sydney

Property Type: Mid-rise unit development
Project Size: 85 apartments
Total project value: $34 million

Brisbane

Property Type: High rise unit development
Project Size: 228 apartments & 7 retail units
Total project value: $124 million

Sydney

Property Type: Boutique luxury units
Project Size: 8 apartments
Total project value: $35 million

Sydney

Property Type: Home and land package estate
Project Size: 132 townhouses / villas & 2 retail suites
Total project value: $85 million

Sydney

Property Type: Land subdivision
Project Size: 165 land lots
Total project value: $75 million

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