Deal: Qualitas has been advised on a senior syndicated construction debt facility advanced under its funding package for the new AURA by Aqualand luxury development in North Sydney.

Value: $600 million

Area: Banking and finance

Key players: The Maddocks team was co-led by banking and finance partner Ilan Kraus and special counsel Trent Chugg, with support from construction partner Andrew Chapman and property partner Alicia Albury.

Deal significance: Qualitas is one of Australia’s largest alternative finance facilities.

According to a statement from Maddocks, the new AURA by Aqualand development in North Sydney is believed to be one of the largest development finance transactions provided by an alternative financier in Australia.

“The project will accommodate a 28-level mixed-use development including 386 residential apartments, a retail and dining precinct and commercial spaces,” Maddocks explained.

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Commenting on the transaction, Maddocks co-lead partner Ilan Kraus said: “A big congratulations to both Qualitas and Aqualand on closing this facility.

“We are delighted that Qualitas entrusted us on such a marquee transaction — it’s the largest single facility ever advanced by Qualitas and likely to be one of the largest construction funding transactions in Australia this year.”

Commenting further, Gil Norwood, head of construction debt fund at Qualitas, said: “The project financing for AURA by Aqualand represents a significant step forward for our business.

“The expertise and professionalism of the Maddocks team was a crucial element leading into the successful execution of this investment. We look forward to working with Maddocks as we continue to grow our market share.”