Overview
Harbour Point comprises 420 residential units, 18,000 sqm of Grade A office and a retail podium on a prime waterfront site. The sponsor needed a capital structure that preserved equity returns while meeting lender LTV and DSCR requirements.
The challenge
Construction costs had risen 14% since feasibility, compressing margins and testing lender covenants. The sponsor required fast, certain funding and independent control of cost and programme.
Our approach
- Re-based the cash-flow model and stress-tested DSCR and LTV
- Structured a $118M senior facility with a $24M mezzanine tranche
- Ran a competitive lender process across five institutions
- Appointed as PMO with earned value reporting and risk register
- Managed procurement, change control and stage-gate approvals
$142Mtotal debt arranged
+6%cost saved vs. budget
0lost-time incidents
Programme phases
Phase 1
Feasibility & model
Market study, cost plan, cash-flow model and sensitivity analysis.
Phase 2
Structuring & financing
Information memorandum, lender process and term sheet negotiation.
Phase 3
Construction
PMO, cost control, procurement and contractor management.
Phase 4
Handover
Commissioning, practical completion and refinancing readiness.
Gallery
“The Consultant arranged the capital and then stayed on as our eyes and ears on site. Cost and programme stayed under control to the day of handover.”
Layla Haddad, CFO, Northgate Developments
