The Scenario

Optimus Capital was mandated by the borrower to obtain senior debt finance to assist with the refinance of a specialised future resort and water park development site located in Glenview, QLD. The first mortgage at that time was in default and the borrowing entity placed into administration.

The Security

This 25.18 ha site is located within the suburb of Glenview, a rural residential area within the Sunshine Coast hinterland. It is situated approximately 14 kilometres to the west of the Caloundra main commercial precinct and 85 kilometres to the north of the Brisbane CBD.

On completion, the property is proposed to be a resort complex of 160 dwellings, two apartment buildings, food and beverage outlets, a wave pool and other facilities including additional car parking and landscaped grounds.

The Result

Optimus Capital successfully negotiated terms with a preferred capital partner, securing a new first mortgage of $12.8M to refinance the existing defaulted loan, pay off the administrator, and bring the client out of administration. This facility allowed the client to recapitalise their balance sheet and control over the asset enabling an orderly sale of the site within 12 months and avoiding a potential forced sale by the mortgagee in possession.