Blake Dawson Waldron assisted ABN AMRO’s Infrastructure Capital group to close the $228 million financing for the Victoria Point development last week, being undertaken by Devine Limited in the reinvigorated Docklands precinct in Melbourne. The development involves construction of a 41-level residential tower of 447 units, a separate building comprising 105 serviced apartments and a commercial office building and retail space.
The Victoria Point financing is backed by 94 per cent pre-sales of the residential apartments and 97 per cent pre-sales of the serviced apartments. The transaction includes a note issue that received ratings agency approval and may be released into the capital markets. The BDW team advised on all aspects of the financing, pre-sales and construction.
The team, led by Melbourne financial services partner Geoff Daley, included lawyers Stacey Steele, Amelia Macknay and Candice Murdock (finance) senior associates Andrew Deane and Gaby Sussman (project development), special counsel Steve Aitchison (construction) and senior associate Sue Bosch and partner Geoff Mann (taxation).
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