1st November 2018
Merricks Capital provided Construction Finance for the mixed use project comprising 131 residential apartments and a 122 room MGallery by Sofitel 5 star hotel.
- $386M end value
- Significant pre-sales coverage
- Construction Finance provided in November 2018 after a major bank pulled out of funding at the last moment
The project is located in a prime position in the southern portion of Sydney CBD near Hyde Park and is on the corner of Castlereagh St and Bathurst St.
The construction will result in a 37 storey mixed use tower that will be 114.5 vertical metres above street level with a 11 storey podium. The development will keep and refurbish the existing heritage listed Porter House building which was first built in 1876. Porter House is a rare commercial Victorian building which remains within the city and is five storeys high.
Merricks Capital was able to provide construction finance to the developer after they had gone through a lengthy process with a major bank and were unsuccessful in attaining finance despite achieving substantial pre-sales.