Nisus Finance Services Co Pvt. Ltd. (NiFCO,) a focused alternatives advisor with a Real Estate-focused Debt / Mezzanine Fund has exited its investment in Midcity Heights Pvt. Ltd., one of the leading developers engaged in the construction and development of real estate project within western suburbs of Mumbai.
Midcity Heights Pvt Ltd, had last year raised the capital from investors of NiFCO to fund its residential project “Ocean Heights” located at Versova, Andheri (W) in Mumbai.
Ocean Heights project comprises of 21 storied building with over Rs. 60 crores in sale value. NiFCO had agreed to invest up to Rs. 30 crores with MidCity Heights but secured an early exit returning back 1.23x of the capital within 14 months.
Amit Goenka, MD & CEO NiFCO said, “Our strategy of investing into late stage projects is paying rich dividends to investors. This is the third instance wherein we have retuned back capital this year without delinquency and with handsome returns. The advent of RERA has boosted buyer confidence for such fast completing projects allowing increased sales velocity and quick receivables.”