The site involved the complex aggregation of 71 titles across four buildings, and will now see the Milligan Group progress plans to build the world’s tallest hybrid timber tower, a 55 storey mixed-use office building.
Our multi-disciplinary team was led by Banking & Finance partner Damien Cuddihy, assisted by special counsels, Laila De Melo and Are Watne, and graduate Andrew Younan. Property & Development partner Gia Cari advised on the real estate aspects of the matter, with support from law graduate Thomas Polhill and conveyancing paralegal Jessie Cao. The transaction also involved Paul Rubenstein, Crosby Radburn and Anna Chen Fang, who separately acted for a local investment manager in arranging subordinated debt for the acquisition.
As reported by The Australian, Merricks Capital Executive Chairman and Chief Investment Officer Adrian Redlich is quoted as saying “The key to providing our investors and partners with a strong risk-adjusted return in the commercial office sector is financing A-Grade products which meet the market demand in this post-Covid world”.
Milligan Group founder James Milligan said, “We are delighted to have secured this funding. Full credit is due to Merricks Capital and our legal teams, whose support and expertise have been invaluable during the complex process of bringing this site together, and I thank them for their contribution.”
Commenting on the deal, Damien Cuddihy said: “Given the numerous stakeholders involved, it has been a monumental effort by Merricks Capital and Milligan Group to unlock this significant site. We are delighted to have been involved, and look forward to seeing the development plans take shape.“
This latest deal continues ABL’s previous work with Merricks Capital in connection with a variety of property, corporate and agricultural financings.
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