FIRSTROCK Gives Notice of Intent to Refinance Sagicor Bank Credit Facility – Hambani Estate Development

• First Rock Real Estate Investment Limited (FIRSTROCK) advised on June 4, 2025, its intent to refinance the credit facility extended by Sagicor Bank Jamaica Limited surrounding the development of its Hambani Estate residential complex.
• Hambani is said to be the first development complex of its kind, providing “ultra-wealthy” buyers with a safe, secure and centrally located property at 1-3 Bamboo Avenue, Kingston 6. The units are stand-alone villas (12 in total) spanning 8,400 to 8,700 square feet.
• Given the maturity of the Sagicor Bank Facility, FIRSTROCK has engaged with a Financial Institution to fully repay the facility. The bank is said to have placed the lands under mortgages for the Hambani Estate Development, granted to First Rock Real Estate Investments Limited, into receivership. As part of the receivership, it is understood that Sagicor has taken possession of all but one house lot, which has been fully paid for.
• Once the new financier is in place, FIRSTROCK expects the project to be completed within 3 months. FIRSTROCK has indicated that there is currently a wait list for the three unsold units, which they plan to put on the market at the appropriate time.
• The Project currently stands at 90% completion, with practical completion having been obtained within the development already. The current loan-to-value is 45%.

(Source: JSE)