Durrant Pate/Contributor

FirstRock Real Estate Investments is announcing that it has finally cleared its multi-million dollar debt to Sagicor Bank Jamaica Limited, used to finance its upscale Hambani Estate residential complex in Liguanea.

This follows Sagicor Bank’s move in June this year to place some of the remaining lots in the residential development, which was plagued by setbacks, into receivership to recover the debt of US$10 million, which is a construction loan from Sagicor Bank to FirstRock’s subsidiary, FCH Jamaica Developers. 

In a press release issued Tuesday, FirstRock, which is in transition into becoming a Real Estate Investment Trust (REIT), announced, “Effective September 15, 2025, FirstRock fully repaid all of its obligations to Sagicor Bank through a Corporate Note structured and arranged by Mayberry Investments Limited. This repayment marks the formal exit from receivership in relation to the real estate project at Bamboo Avenue.”

FirstRock says it is “extremely pleased to have completed the restructuring of its debt and sincerely thanks is stakeholders who assisted in this regard. We look forward to completing this landmark project over the upcoming year, working in close conjunction with Mayberry Investments Limited.”

Soured banking relation with Sagicor

FirstRock’s construction loan for the Hambani Estates project matured in March 2025 after a one-year extension, but after missed payments, Sagicor Bank placed some of the remaining Hambani Estate lots under receivership to recover the debt. This placed a pause on the project, which has passed its March 2025 revised completion date. 

As such, FirstRock approached Mayberry to refinance the credit facility and fully repay the outstanding obligation, which has now been done. Full completion is now expected to be finalised within three months after the Sagicor Bank credit facility is refinanced.

Sagicor Bank, which cited a lack of resolution after several months of negotiations, exercised its legal right to take possession of the remaining lots under the terms of the credit facility. The bank noted that the action was a last resort, taken after good-faith efforts to restructure the loan failed to yield a sustainable path forward. 

The move was described as necessary to protect the interests of all parties involved, including shareholders, institutional partners, and the broader financial system. FirstRock responded by announcing its intention to refinance the loan through another financial institution. 

The company reports that there is a wait list for the remaining three unsold villas, which they plan to market once refinancing is finalised.

Details of the luxury residential development

Hambani is a luxury residential development in Kingston’s Liguanea district at 1-3 Bamboo Avenue, Kingston 6, with construction beginning in 2022. It is envisioned as a high-end gated community of 12 stand-alone villas, designed to appeal to Jamaica’s ultra-wealthy clientele. 

The development, consisting of 12 high-end villas, is over 90% complete with practical completion already achieved. Hambani is the only development complex of its kind, providing the ultra-wealthy with a safe, secure and central location in the heart of Kingston 6. 

The units are stand-alone villas spanning 8,400 to 8,700 square feet with amenities which the clientele heavily desire. The units entered the market at over US$2 million per unit, which pushed the limits of the luxury market.

At current exchange rates, that price is equivalent to more than $320 million per villa.