The loan note transaction closed for Cantor Fitzgerald’s second project with ITF Douglas in recent weeks, with construction due to commence over the coming month.
Cantor Fitzgerald successfully completed a €4.6m loan note fundraise secured against a 10-acre site in Moneygourney, Douglas, Co. Cork. The site will be developed by ITF (Douglas) and will comprise a high specification development of 28 large detached houses. Structure is by way of a Senior Loan Note with funding sourced from Cantor Fitzgerald’s private client base.
The loan note product is for a maximum term of 30 months, with an annual coupon of 9% commencing from April 2017 and has the benefit of first ranking security over the property assets and shares of ITF (Douglas). The loan note provides 76% of the peak funding cost of the project, with the balance being provided by way of an up-front investment of shareholder equity.