Wed | Oct 20, 2021

First Rock secures Hambani financing

Published:Saturday | September 4, 2021 | 2:25 AM

First Rock Capital Holdings has secured US$10 million of debt financing from Sagicor Bank Jamaica for the Hambani Estates project, a 12-unit real estate development targeted at high-end buyers.

The two-year construction loan, acquired through subsidiary FCH Jamaica Developers, covers 77 per cent of the US$13 million that First Rock says the residential development at Liguanea, Kingston, costs.

Hambani will feature seven five-bedroom residences on two storeys, and five four-bedroom residences on three storeys. It’s under construction by hired contractors, GARCO Construction, and is due for completion in April 2022.

“We’re actually running two weeks ahead of schedule. All units are out the ground and we’re very pleased with the pace and quality of work that the contractor is delivering,” said First Rock CEO Ryan Reid.

The units priced US$1.8 million and US$2 million are being marketed by Coldwell Banker, Century 21 and First Rock Realty.