Parramatta sites on the market after loan ‘default’

  • 📰 FinancialReview
  • ⏱ Reading Time:
  • 34 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 17%
  • Publisher: 90%

South Africa News News

South Africa South Africa Latest News,South Africa South Africa Headlines

The properties were owned in a joint venture involving the family of the late Houston-based Australian developer Mark Camillo.

Two Parramatta development sites purchased for $50 million in 2017 in a joint venture involving the Camillo family have been put on the market by receivers following claims of a loan default.

Minutes of a first meeting of creditors held at the end of September for the three companies placed in administration – 295 Church Street Pty Ltd, 295 Church Street Pty Ltd and Nahcam Pty Ltd – include proof of debt submissions by Ms Camillo totalling $124.6 million.

Title deeds show that the 295 Church Street site is owned by 295 Church Street Pty Ltd while 263-265 Church Street is owned by Nahcam Pty Ltd. However, since late 2018, after “it was agreed that the Camillos would take sole economic ownership of the project companies”the joint venture ended and “all financial and non-financial requirements of Coronation were fully satisfied”.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in ZA
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

South Africa South Africa Latest News, South Africa South Africa Headlines