Sygnus Real Estate Finance Limited (SRF), the real estate financing company within the Sygnus Group, recently broke ground on its first major development.
Since completing a successful private placement at the end of August for J$2.3 billion from investors, largely pension funds, Sygnus has been mandated on six projects valued at US$30 million. According to the company, capital will be deployed in these projects as either debt or equity in keeping with SRF’s strategy to bring flexible capital to unlock value in real estate assets. The majority of the projects are commercial developments, including industrial infrastructure (warehouses and parking facilities) as well as corporate office complexes that are located in key locations around Kingston and St Andrew.
“We are taking a partnership-based approach to our real estate projects. What this means, is that we are combining creativity with flexible capital to ensure our partners succeed.”– Head of Real Estate and Project Finance at Sygnus, David Cummings
SRF, which is not a REIT, seeks to finance real estate assets using flexible capital, such as debt and equity, via non-traditional structures including profit sharing notes and mezzanine financing, which is an innovative model consistent with the Group’s independent and non-traditional approach to delivering financial solutions. Sygnus intends to execute these projects on its own or through joint-venture partnerships.
David Cummings, Head of Real Estate and Project Finance at Sygnus, stated “We are taking a partnership-based approach to our real estate projects. What this means, is that we are combining creativity with flexible capital to ensure our partners succeed. We select projects that can be executed seamlessly and at a high standard.” Cummings added, “We find that this enables innovation, and delivers the most value, thereby creating a formula for mutual success, and we look forward to working with like-minded partners in all classes of real estate assets, including hospitality, commercial, residential and industrial, across Jamaica and the wider Caribbean.”
With strong policy-based operational processes in place, as well as an experienced Real Estate Investment Advisory Committee, SRF ensures that there is robust due diligence and risk assessment on all projects.
SURREAL AT THE SUGAR MILL
SRF’s US$3 million investment in the Surreal at the Sugar Mill development contributed to the overall financing of what promises to give residents unmatched value where sophistication meets quality and convenience. Nestled on 1.4 acres of land in the upscale residence of Ironshore on Sugar Mill Road in St James, it will be a secured gated community boasting 1-bedroom, 2-bedroom, 3-bedroom units and 3-bedroom villas with 24-hour security, CCTV and luxurious amenities. Residents will be only a stone’s throw away from the airport, with immediate access to the North Coast Highway making a journey into Negril, Ocho Rios or Kingston a breeze. It is in close proximity to Whitter Village, commercial banks, business centres, and a private hospital, and has easy access to central Montego Bay. Prices start at US$197,400 for the 1-bedroom units.
The development, which is scheduled for completion in early 2021, is targeted at:
Surreal at The Sugar Mill is exclusively listed with Re/Max Elite and the agents handling the sales are Anya Levy and Richard Oliver.