Deal profile | Gadens supports the PS Loan Trust (#PropertyShares) with refinance of Cornwall, Brunswick
12 August 2019
Gadens recently advised the PS Loan Trust as the senior financier in relation to the refinance of residual stock for the Cornwall – a mixed-use development comprising 53 residential units and one retail shop – in Brunswick West, Victoria.
PS Loan Trust (#propertyshares) is a leading debt fund that lends from $1 to $30 million to mid-market property developers and investors. The Trust currently manages several hundred million dollars on behalf of sophisticated / institutional investors.
“Gadens thoroughly enjoyed working with the PS Loan Trust (#PropertyShares) on this transaction, and we are delighted to have had the opportunity to have been able to support the refinance of this asset. Our team, especially Associate Martin Nguyen, did a fantastic job in getting this deal done within a short period of time”, said Peter Grotjan.
The lender’s team was led by Joseph Cavin, Director, and supported by Gary Fryar, Head of Credit.
Designed by Clarke Hopkins Clarke, the Cornwall offers a collection of premium apartments that embrace the individuality and history that defines the Brunswick community.
“We are pleased to support an experienced property developer in managing efficiently its working capital requirement by enabling an early profit. Our facility was structured in a way that provided the developer with a flexible capital solution without compromising our measured investment approach. We are glad we benefited from the expertise and diligence of Gadens’ Associate Martin Nguyen, which enabled us to achieve Finance Close within three weeks”, said Joseph Cavin.
Deal area: Banking & Finance and Property
Key team members: Gadens partner Peter Grotjan (Banking & Finance) led the team which included Martin Nguyen (Associate).