$350 million Gross Realisation Value
Underbank is a multistage land subdivision community comprising over 1,200 residential lots. The new neighbourhood provides residents with a plethora of local amenity including; cafes, supermarket, childcare and landscaped parklands.
A key criteria of the developer was a facility that provided flexibility around construction commencement of each stage. To satisfy this, Monark structured a revolving senior debt construction facility to finance land and subdivisional works together with associated infrastructure and landscaping costs of multiple stages which unlocked underlying value in the estate and accelerated the development program.
Monark is committed to funding the estate until its completion scheduled in 2026.
- Key figures
- 1,200 lots