City Quarter

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

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