75 percent sellout as Qualitas provides further funding for BPM's Shadow Play project
Real estate investment management firm Qualitas will provide a $33.5 million mezzanine loan to BPM Group for its ambitious $300 million Shadow Play development in Melbourne’s Southbank.
It is one of Qualitas’ largest mezzanine deals, providing funding alongside Westpac and Bankwest for the 46-level, 486-apartment complex.
Tim Johansen, Managing Director of Real Estate Finance at Qualitas, said the development was attractive to Qualitas as it has been significantly derisked.
“BPM has invested heavily in the design and marketing of Shadow Play to ensure that it’s a sought-after, premium offering that stands out in the market.
"As a result, it has already secured an impressive 75 percent of the project in pre-sales.
"BPM has also partnered with a quality contractor, the ICON Group, which has a strong track record in these types of projects,” he said.
Award-winning architects Elenberg Fraser have designed the project, while Hecker Guthrie are behind the interior design.
Jonathan Hallinan, founder and managing director of BPM says Shadow Play is on track for completion in the first quarter of 2018.
