FIRSTROCK Real Estate Investment has cleared its debt to Sagicor Bank Jamaica, bringing its Hambani Estates development on Bamboo Avenue out of receivership and back under the company’s full control.

The repayment, completed on September 15, was financed through a corporate note structured and arranged by investment firm Mayberry Investments. The refinancing closes a difficult chapter for FirstRock, which had seen a few of the lots within the prestige project placed in receivership earlier this year after its construction loan matured.

Hambani Estates, a gated community of 12 luxury villas at 1–3 Bamboo Avenue, was designed by the Jamaican architectural firm Atelier Vidal and sits within Kingston 6, one of the island’s most desired addresses. Neighbouring the United States Embassy, the development blends contemporary design with classic elements, featuring expansive glass windows, underground garages, private swimming pools, butler’s pantries, and lawn space for each villa.

The project was originally backed by roughly US$10 million in bank financing and is marketed at prices above US$2 million per unit. However, the project ran into delays and cost overruns that triggered the default.

“FirstRock fully repaid all of its obligations to Sagicor Bank Jamaica Limited through a corporate note structured and arranged by Mayberry Investments Limited,” FirstRock said in a notice posted on the Jamaica Stock Exchange.

With the receivership lifted, CEO Ryan Reid told the Jamaica Observer that it expects to complete the project “within the coming months”, based on the company’s scheduled. The project currently stands at 90 per cent completion. FirstRock had also indicated in June that there is currently a wait list for the three unsold units, which the company plans to put on the market at the appropriate time.

While Mayberry arranged the new financing, Reid was also quick to clarify that Mayberry has no equity stake in Hambani.

“No,” he said in response to questions from BusinessWeek.

The clarification is important because Mayberry’s influence is widening on other fronts.

Through its wholly-owned subsidiary Widebase, the Mayberry Group recently became the single-largest shareholder in Dolla Financial Services, lifting its stake to 21 per cent. Widebase intends to apply to the Bank of Jamaica (BOJ) to obtain regulatory approval to hold more than a 20 per cent interest in Dolla, as mandated by law.

At the same time, FirstRock Private Equity — which once held a 16 per cent block in Dolla — has quietly slipped out of the company’s top ten shareholders.

Filling some of that space is Premiere Private Equity, now among Dolla’s top five shareholders. Premiere currently holds 9 per cent or 225 million shares in Dolla, behind Mayberry Jamaican Equities Limited which holds little over 290 million shares or 11.6 per cent shareholding. Company filings show Premiere is linked to FirstRock’s Ryan Reid and Michael Banbury.