NAB Commits Funding for Harriott at Armstrong Creek
The National Australia Bank has committed funding for Harriott at Armstrong Creek, a master-planned community delivered by Jinding Developments, a division of Jinding Australia.
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.
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.
“The funding commitment from NAB is a testament to the quality of Harriott at Armstrong Creek, and the calibre of the Jinding Developments business,” said 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,” she said.
Luke Guthrie, Chief Strategy Officer and Chief Financial Officer at Jinding, said, “To receive this financial validation and endorsement from NAB is an outstanding achievement, especially during a time when banks have been limiting new business.”
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
For more information please contact:
Luke Guthrie, Chief Strategy Officer, Chief Financial Officer – Jinding Australia
Liz Ronson, Managing Director – Jinding Developments