City Pacific Mortgage pays distribution

THE City Pacific First Mortgage Fund and City Pacific Income Fund have resumed monthly and quarterly distributions to investors.

Meanwhile, the First Mortgage Fund has commenced repayment of its banking facility. The Commonwealth Bank of Australia has agreed to vary the repayment terms of the schedule in respect of this facility in order that the repayment arrangements are in line with the First Mortgage Fund’s in-coming cash flows from property settlements.

And City Pacific and the First Mortgage Fund will receive approximately $40 million this week being the first tranche of an $87 million settlement for part of the The Foundry development in Melbourne.

Settlement on the property has been delayed several times since December 2007, with the most recent delay on March 28 last week.

City Pacific Limited and the First Mortgage Fund are lenders to the Donnelly Group for the construction of the mixed use property in Bourke Street.

Australian Property Journal