Upper West Side development property financing
Based in the heart of Melbourne, the ‘Upper West Side’ is one of the largest inner city developments in Australia, with 2600 residential apartments over four towers, 30 retail outlets and a project value of approximately A$1 billion.
The Corrs team has acted for a bank syndicate comprising ANZ, OCBC and UOB in relation to the $150 million funding of stage one of the development.
The team was heavily involved in negotiating the D&C contract, to ensure that the contractor was responsible for delivering key environmental and insurance outcomes, and that construction risk was allocated appropriately.
The team also had significant input into aspects of presale contracts, which ultimately resulted in clean due diligence reports being provided to the Agent, enabling a streamlined syndication and closing.