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National firms help make a home for seniors

National firms help make a home for seniors

Chris Fanning Gadens

Gadens has advised an ASX-listed seniors community property developer on a major refinancing, with Minter Ellison advising the three banks concerned.

Firms: Gadens (Ingenia Communities RE Limited); Minters (ANZ, CBA and Bank of Queensland).

Deal: Ingenia’s refinancing of its banking arrangements.

Value: $175 million

Area: Banking and finance

Key players: Gadens’ Sydney head of banking and finance Chris Fanning (pictured) led Gadens’ core banking and finance team, which included senior associate David Morgan and solicitor Greg Conomos. The team was also supported by property partner John Grimble and his team of solicitors, Melinda Wong and Katherine O’Regan, and tax director Cameron Steele.

Gadens prepared and negotiated a common terms deed and each bank’s facility agreement.

Minters advised all three banks involved in the deal.

Deal significance: Ingenia is a property group that owns, operates and develops a portfolio of seniors communities across Australia. The refinance was completed as a club arrangement and involved ANZ, CBA and Bank of Queensland. The banks, through a security trustee, took security over the group’s assets in New South Wales, Victoria, Western Australia, Queensland and Tasmania.

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