Deal profile | Gadens advises on the syndicated construction financing of Melbourne Grand

Gadens has advised NAB and Westpac on the syndicated construction financing for the Central Equity Group’s mixed-use development ‘Melbourne Grand’ located at 560 Lonsdale Street.

The 58-storey development, in the heart of Melbourne’s CBD legal precinct, comprises 645 spacious apartments and 1,165 sqm of ground floor retail.

Gadens was engaged to advise in relation to the syndicated construction finance facility including undertaking due diligence, negotiation and documentation of the syndicated facility agreement and security documents, as well as the tripartite arrangements with the Builder.

Firms involved: Gadens (acted for NAB and Westpac), Central Legal (acted for the Developer, Central Equity Group)

Deal value: Syndicated Construction Financing $190 million

Deal area: Banking and Finance, Property

Key team members: Gadens partners Doug Scobie (Banking & Finance) and Peter Nadalin (Banking & Finance) led the team which included Matthew Trinca (Senior Associate, Banking & Finance), Tony Greenaway (Partner, Property) and Emily Baker (Senior Associate, Property).

Deal significance:

Offering the best of inner city living, Melbourne Grand takes advantage of the city’s best employment, transport and lifestyle opportunities. The development is Central Equity’s tallest project to-date offering spacious city homes for families, professionals and investors. The development includes state of the art fitness and entertainment facilities for residents as well as car park facilities.