City Quarter
The Developer
Sterling Estates Pty Limited and is subsidiaries.
The Brief
To secure the purchase of the former Royal Alexandria Hospital for Children and assist with the funding of the construction of over 1000, apartments, terraces with commercial and retail space in an Urban Village environment over a 5.7ha site.
The site Tender was subject to a rezoning, i.e. from Hospital to residential, unfortunately the client had approached a bank which wanted an early equity stake given the inherent risk within the site i.e. contamination was rampant from asbestos and other items that had been tipped on the site over its 150 years of operation. The client approached the Director on a Thursday and requested that he facilitate settlement on the following Monday, with no equity participation from the Lender.
The Solution
The Director facilitated a long term land bank funding package, for the first stage settlement, through a Private Lender so as to settle the site and provide the developer the appropriate time to stage construction of the site.
Senior Debt
$250,000,000
End Value
$350,000,000
Could your next project benefit from some expert development finance? Get in touch.
For expert advice:
Sydney Office
Level 3, 31 Alfred St
Sydney NSW 2000
P / 02 8916 6246
Melbourne Office
Level 30/35 Collins Street,
Melbourne VIC 3000
P/ 03 8692 0082
Brisbane Office
Level 18, 175 Eagle Street
Brisbane QLD 4001
P / 07 3041 4136
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