Media release: KCL Law advises the PS Loan Trust as mezzanine financier for the Parade, Box HillAug 2, 2019
KCL Law’s Banking and Finance team recently advised the PS Loan Trust as the mezzanine financier for the Parade — a mixed-use development comprising 56 residential units, 6 office suites and 2 retail shops — in Box Hill, Victoria.
PS Loan Trust (#propertyshares) is a leading debt fund that lends from $1m to $30m to mid-market property developers and investors. The trust currently manages several hundred of million dollars on behalf of sophisticated / institutional investors.
The transaction was led by Ilan Kraus, Principal Lawyer and Head of Banking and Finance, and supported by Alex Garfinkel, Associate, and Chantelle Alberico, Lawyer. The lender’s team was led by Joseph Cavin, Director, and supported by Gary Fryar, Head of Credit.
Designed by Hayball and with construction now underway, the Parade is expected be delivered over the next 20 months.
“We are pleased to partner with and support an experienced property developer for the delivery of a project that shows strong market acceptance. Our mezzanine facility was supported by strong presales and reasonable leverage ratios, which is testament to our disciplined investment approach and due diligence process. We are glad we had the support and expertise of Ilan and his team, which enabled us to deliver a cutting-edge capital solution in a timely fashion”, Mr. Joseph Cavin said.
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