Hambani wrapping up
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The long-delayed Hambani housing development is nearly done, First Rock Real Estate Investments has confirmed, ending a long-running saga.
“The project is 90 per cent complete,” according to the First Rock annual report, which states that just under US$79,000 is required to complete the project, compared to US$2.0 million a year earlier.
Hambani sits on a 3.43-acre parcel of land on Bamboo Ave in St Andrew. Hambani is being developed as a luxury residential community consisting of 12 villas. Construction commenced in March 2021 with an initial expected completion date in 2024. After missed deadlines completion is rescheduled for completion in 2026 (FIX). This, after original financier Sagicor Bank called its US$10-million construction loan, sending the project into receivership.
The project was refinanced in September 2025 through a US$15-million corporate note structured by Mayberry Investments. Sales proceeds have since enabled early phased repayments of these notes.
Full details of the lifeline bond facility are only just now becoming available, with Mayberry CEO Gary Peart saying that the project is now at a stage where they have sold enough townhouses to complete repayments on the entire project.
First Rock’s note indicate that roughly U$1.0 million remain in escrow.
“The real estate is the primary security, but we also established a debt service reserve account where funds had to be (deposited), plus the deposit money on (actual) sales,” Peart told the Financial Gleaner, while declining to say the size of the reserve account.
The present listed price for the four-five bedroom units was not immediately available, but the villas were first advertised at US$1.8 million. Peart says he’s satisfied that Hambani will soon be fully delivered.
“One has been fully built, paid for, and delivered Another one has been fully built and paid for, and another six on the contract,” Peart said of the completion and sale schedule. Adding that of the four remaining villas, one is under contract and the remaining three are attracting strong interest.