Maddocks acts for Qualitas on $A600 million funding package - one of Australia’s largest alternative finance facilities.
A multi-disciplinary Maddocks team has advised leading alternative real estate investment manager Qualitas on a senior syndicated construction debt facility advanced under its $A600 million funding package for the new Aura Aqualand luxury development in North Sydney. It’s believed to be one of the largest development finance transactions provided by an alternative financier in Australia.
The project will accommodate a 28 level mixed use development including 386 residential apartments, a retail and dining precinct and commercial spaces.
The Maddocks team was co-led by Banking & Finance Partner Ilan Kraus and Special Counsel Trent Chugg, with support from Construction Partner Andrew Chapman and Property Partner Alicia Albury.
Speaking about the transaction, Ilan Kraus said: “A big congratulations to both Qualitas and Aqualand on closing this facility. We are delighted that Qualitas entrusted us on such a marquee transaction – it’s the largest single facility ever advanced by Qualitas and likely to be one of the largest construction funding transactions in Australia this year.”
Gil Norwood, Head of Construction Debt Fund at Qualitas, added: “The project financing for AURA by Aqualand represents a significant step forward for our business.
“The expertise and professionalism of the Maddocks team was a crucial element leading into the successful execution of this investment. We look forward to working with Maddocks as we continue to grow our market share.”
Maddocks is a proudly independent Australian law firm that works closely with corporations, businesses and governments throughout Australia and internationally. We advise national and international clients across infrastructure and development, and the education, government, healthcare, and technology sectors, from our Canberra, Melbourne and Sydney offices. Our specialist expertise includes dispute resolution and litigation, employment and safety, financial services, franchising and insolvency.
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