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Eureka Group settles loan restructuring deal related to Australian resort

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Eureka Group settles loan restructuring deal related to Australian resort

Senior living-focused property group Eureka Group Holdings Ltd. sold 28 cabins and apartments at the Couran Cove Resort on the Stradbroke Island in Australia for A$2.0 million in cash and received a lump sum cash loan repayment of roughly A$1.6 million from the owners of the property.

The transactions fulfill conditions precedent to the Aug. 30 loan restructuring agreement with Onterran Ltd.'s Couran Cove Holdings Pty. Ltd. subsidiary, wherein the company had also agreed to sell its 60 cabin sites.

In addition, the Tweed Shire Council has approved the company's two lot subdivision at the Terranora project in New South Wales, Australia, which will now proceed to titling. The council is close to finalizing the 61-lot strata subdivision, followed by titles to speed up the sale process, according to a release.