$150 million in construction finance funding has been secured by major property developer Alfasi Group for works on the 510 Church Street Development in Cremorne, Melbourne.
Included in the development is a nine-storey office building, complete with smart building technology and two levels of basement parking.
The deal was recently completed with Australian-based investment manager and property financier Merricks Capital alongside Alfasi Group.
The project was designed by Cox Architecture, with Kane Construction the appointed builder. Works initially began on the project back in 2019.
The COVID-19 pandemic has made it more difficult to source financing for the Melbourne development.
Merricks Capital Managing Director (Investments) Andrew Torrington said he is proud of being able to step in to keep the wheels of the Australian construction industry turning.
“We are delighted to be able to continue to support high quality projects and play an integral part in keeping development opportunities a reality during challenging times,” he said.
“The 510 Church Street development is an example of a complex, challenging deal which saw many potential financiers back out. However, as a fully-funded, fully-operational lender we have the stability and flexibility to work with borrowers to find a debt structure which suits their individual circumstances and the volatile market conditions.
“The project itself is an exciting one to be a part of. Cremorne is an up and coming business district and we expect this A-grade development to draw high profile tenants out of the Melbourne CBD.”
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