VANTAGE Capital, Africa’s largest mezzanine fund manager, says it has arranged R430 million of mezzanine funding for the development of Seaton Estates, a residential coastal development located on the North Coast of KwaZulu-Natal (KZN).
It said the promoter of the transaction ESD (electrostatic discharge) was Collins Residential, the residential arm of a diversified group with interests in the real estate, hospitality, and agricultural sectors, both in South Africa and internationally.
“Seaton Estates looks to support the growing need for residential housing in the middle to upper segments of the property market along the North Coast of KwaZulu Natal, one of the fastest growing regions of South Africa.
“The growth in housing demand is supported by robust semigration trends, strong infrastructure investment in the region, and the increased flexibility that South Africans have to work from home, a lasting consequence of the Covid-19 pandemic,” it said.
Seaton comprises 1 198 single-residential stands, and 29 planned urban developments, over seven phases. The development is designed to be an eco-friendly coastal estate characterised by country grasslands, ocean views and rehabilitated indigenous forest lands.
Facilities within the development will include leisure zones, a beach club house, direct beach access, multi-sports facilities, 26km biking/running trails and rehabilitated natural forest and parks.
Later stages of the development will include commercial mixed-use nodes, retail, education, and sporting facilities. The development is near the popular leisure towns of Salt Rock and Ballito.
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