Gresham Property Mezzanine Fund No. 1

The Gresham Property Mezzanine Fund No. 1 was established in May 2002, raising a total of $33 million in committed capital. All investments have been realised and investors rewarded with an attractive return. The Fund was wound up in December 2006.

Fund No. 1 targeted individual lending opportunities of $4-10 million with the capacity to arrange co-investors for larger transactions.

The Fund’s primary objective was to extend mezzanine finance as part of the overall financing of selected property development projects.

Investors in the Fund were primarily significant Australian institutional investors. The Fund was structured as a five-year closed-end investment fund, with funds returned to investors as capital and income were realised from underlying loans.

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    Coast Apartments

    Location: Coogee, NSW.
    Property Type: Residential apartments (with minor retail).
    Mezzanine loan: $4.1 million.
    Total project realisations: $36.0 million.

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    Bullecourt Place

    Location: Ultimo, NSW
    Property Type: Residential apartments (with minor retail)
    Mezzanine loan: $9.6 million
    Total project realisations: $141.0 million

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    Pumicestone Blue

    Location: Caloundra, Queensland
    Property Type: Residential apartments (with minor retail)
    Mezzanine loan: $3.1 million
    Total project realisations: $26.8 million

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    The Kilns

    Location: Brookvale, NSW
    Property Type: Residential apartments
    Mezzanine loan: $7.2 million (GPMF 1 $4.5 million)
    Total project realisations: $67.8 million

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    Glebe Harbour

    Location: Glebe, NSW
    Property Type: Residential apartments
    Mezzanine loan: $6.6 million
    Total project realisations: $160.7 million

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    Oxygen

    Location: Spring Hill, Brisbane, Queensland
    Property Type: Residential apartments and commercial units
    Mezzanine loan: $4.5 million
    Total project realisations: $80.5 million