Sanbra City / The Cascades
Phase 1 — Borteyman, Greater Accra, Ghana
The Vonne Group SPV Ghana, LLC
SANBRA CITY / THE CASCADES
Phase 1 Investment Opportunity / $2.0M Senior Secured Note
Renderings courtesy of Terraform Development Ltd.
| Location | Phase Details | Contracted Status | Profit Metrics | Target Tenor |
|---|---|---|---|---|
| Borteyman Greater Accra, Ghana | 49 UNITS Phase 1, gated | $13.4M GDV Contracted at $4.6M (34%) | 40.4% MARGIN Going-forward gross | 24 MONTHS Target hold period |
| Investment Sought | Investor Return | Multiple (MOIC) |
|---|---|---|
| $2.0M Senior Secured Note (debt) | 30% Total return over 24-month tenor | 1.30x Cash-on-cash on $2.0M |
Opportunity
Sanbra City — The Cascades is a 30-acre gated community in Borteyman, Greater Accra, developed by Terraform Development Ltd. Phase 1 comprises 49 units across 10 villas, 21 townhouses, and 18 apartments. Construction is advanced; this raise funds vertical finishing works on substantially-built units and working capital to accelerate sales velocity through to completion and sell-out.
Investment Structure & Use of Proceeds
Allocation of Funds
- Vertical finishing — apartment blocks (3): $1,000,000 (50%)
- Vertical finishing — townhouse blocks: $600,000 (30%)
- Sales/marketing acceleration & WC: $250,000 (13%)
- Contingency reserve: $150,000 (8%)
- Total Use of Proceeds: $2,000,000 (100%)
Investor Terms
- Structure: Senior Secured Note
- Investor return: 30% total return on capital invested
- Total Pool ($2,000K): 24-month target hold
Project Economics — Phase 1
- Gross Development Value (GDV): $13,425,000
- Remaining cost to complete: $8,000,000
- Going-forward gross profit: $5,425,000
- Going-forward gross margin: 40.4%
- Contracted (sold + reserved): $4,575,000 (34%)
- Unsold inventory (collateral pool): $8,850,000
Note Specifics
Senior Secured Note
- Principal: $2,000K, single drawdown on signing
- Investor return: 30% total return on capital invested over the term
- Tenor: 24 months, bullet repayment from sales proceeds
- Security: First-ranking lien over a designated pool of completed units with aggregate market value of $1.80M (1.5x collateral cover). Investor may select unit mix at signing; lien registered with Lands Commission.
Investor Returns Summary
| Item | Investment | Return | Multiple |
|---|---|---|---|
| Investor return (30%) | $2,000K | $600K | 1.30x |
| Total cash return | $2,000K | $600K | 1.30x |
Key Milestones
- Month 0: Drawdown, lien registration, SPV subscription
- Months 1–6: Finishing works on apartment + townhouse blocks
- Months 6–12: Block-by-block handover; sales acceleration
- Months 12–18: Coupon payments; sell-down of unsold inventory
- Months 18–24: Principal repayment plus 30% return distribution
Sponsor
Terraform Development Ltd / Western Group
Confidential / May 2026
Indicative terms only. Subject to final documentation, due diligence, and binding term sheet.
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