One BHM Loan Note Update - July 2020
Renamed - J Q Rise
Following our previous update in May, we are delighted to provide a further update to investors in the Prosperity One BHM Secured Loan Note.
As you are aware, the purpose of this loan note is to provide land finance and working capital during the planning process. The original proposed scheme for One BHM was based on an 11 storey, 126-unit development. On this basis, the original planning application was to be reviewed late summer, for approval by August 2019.
However, as a direct response to the city’s requirements, Prosperity has worked with the city and re-engineered the project, taking the scheme up to what is now 23 storeys and increasing the number of units to 226.
Following the committee meeting held on the 4 June 2020, we are delighted to announce that the planning application has been accepted.
Given the extra height bestowed upon the tower, combined with its importance to Birmingham’s prestigious Jewellery Quarter, Prosperity have decided to combine these cues and re-name the development J Q Rise.
The land facility that is in place with Fortwell Capital is expected to take effect at the end of September/early October, prompting the redemption of the loan note.
In preparation for redemption, we will getting in touch with clients in this loan note over the next couple of months to offer the chance to rollover or redeem their capital and interest.
To date, we have redeemed capital of £10,200,000 over 6 projects; with clients being so delighted by their returns, there is an average rollover retention rate exceeding 50%!
We will be offering the chance to rollover into the Severn House Senior Loan Note, which has an anticipated term of 24 months and offers another incredible return of 8% per annum, paid quarterly; or 8.5% per annum, payable upon redemption. For further information on this project, please click here.
If you have any questions regarding this update, please do get in touch.
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