Wed Dec 09 2020Developments
The National Australia Bank has committed funding for Harriott at Armstrong Creek, a master-planned community delivered by Jinding Developments, a division of Jinding.
Financial close on a land facility was reached on the 23rd of November ahead of a further construction facility, which will see the first 81 blocks of the 659-lot community delivered by mid next year.
As the hurdles required to achieve funding from big-four banks are substantially more stringent than non-bank lenders, the achievement is a huge commendation for both the project and Jinding Developments.
The funding commitment from NAB is a testament to the quality of Harriott at Armstrong Creek, and the calibre of the Jinding Developments business.Liz Ronson – Managing Director of Jinding Developments
We are pleased to have commenced construction on this incredible community, which has also created jobs during a tough time for the employment sector.
Harriott at Armstrong Creek is Jinding Development’s first project to commence construction, with ground being broken on stage one and two of the master-planned community in September 2020. Stage three of the development, which is fifty per cent sold, will commence construction mid next year.
Pre-sales for Harriott have provided over 100 per cent debt cover for the project, with sales demand maintaining strong momentum in 2020, despite the impact of COVID-19.
Prior to this welcome funding from NAB, Jinding Developments has equity funded a portion of the works to date, with support from MaxCap Group.
To receive this financial validation and endorsement from NAB is an outstanding achievement, especially during a time when banks have been limiting new business.Luke Guthrie – Chief Strategy Officer and Chief Financial Officer, Jinding
Since launching in Australia in 2016, Jinding Developments has established a property development portfolio which will provide more than 4,000 homes on completion, with an end-value in excess of $1.5bn