Paramount Mezzanine Loan
BBGIL has a US$17.0 million investment in a subordinated loan to Royal Palm Paramount Bay LLC (Paramount Bay Borrower), a special purpose entity wholly-owned by Daniel S. Kodsi, the developer of an ultra luxury condominium development project on Biscayne Bay at the Edgewater section of Miami, Florida in the US. The total cost of the project is expected to be US$282 million not including capitalised sales commission. This is financed by senior debt totalling US$216 million and the US$32 million loan, of which BBGIL’s participation is a part. The remainder is contributed in cash and kind from the Paramount Bay Borrower.