(Bloomberg) -- Singapore-based lifestyle and hospitality investment company Rascal Ventures Pte. is seeking around $50 million of private credit to expedite the completion and opening of its luxury resort in Indonesia, according to co-founder Steve Ebsworth.
Proceeds from the proposed loan will be used to finish the development of Samara Lombok, a 110-hectare hospitality project, which will feature hotels, villas, beach clubs and a range of luxury resort amenities, said Ebsworth.
Real estate services firm JLL has been appointed as the debt adviser to arrange the funding. It is in the marketing process for the loan, which is expected to have an interest rate in the mid-teens, said Ebsworth.
The deal is an instance of the growing popularity of private credit in the real estate sector, as private credit investors from the US to Australia step into a void left by banks in an era of elevated interest rates.
Rascal Ventures is a founding partner of 1-Altitude, which has rooftop bars on Singapore’s Sentosa Island and in Malaysia’s Melaka, according to its website. It also co-owns yacht management company Rascal Voyages.
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