IPE: ‘MaxCap draws in American capital for AUD280m Australian debt deal’

Two large North American investors have placed AUD280m (€188m) with Australian commercial real estate debt specialist MaxCap to finance a large, mixed-use project in Melbourne known as Swanston Central.

Wayne Lasky, MaxCap’s managing director, declined to name the investors but said both had previously invested in Australian commercial real estate debt.

Lasky described the placement as one of Australia’s largest non-bank funded deals. “Funding has been provided through an AUD280m senior-stretch loan on a peak debt basis,” he said.

“The parameters of the transaction lie outside those on which the Australian major banks are currently able to fund, both in terms of size [they will not typically fund more than $100m for a single transaction], gearing, and structure.”

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