Already a subscriber?Australia Pacific Mortgage Fund, a lender to embattled pub baron Jon Adgemis, has taken control of one of his hospitality group’s flagship venues, the home of the El Primo Sanchez bar in Sydney’s eastern suburbs.
The move comes amid negotiations over a debt refinancing deal led by Deutsche Bank, Ben Madsen of Archibald Capital and Justin Epstein at Gemi Investments, all major lenders to Mr Adgemis. Mr Adgemis used his deal-brokering prowess to cobble together an empire that sprawls from the Karen Martini-fronted St Kilda diner Saint George to The Strand Hotel in the Sydney CBDIn many cases the loans were made using valuations on an “as if complete” basis, a value based on what they would be worth had they undergone extensive renovations. Many of these renovations have been stalled, however.Under the Deutsche deal, Mr Adgemis’ assets are expected to be restructured.