This article is from the Australian Property Journal archive
THE National Australia Bank has singlehandedly financed Salta Properties' $250 million Green Square project in Abbotsford, Melbourne – making it the largest single funded residential development transaction.
This is the largest non-syndicate funding secured for a residential development in the current market across Australia.
Salta Properties managing director Sam Tarascio said the size of the deal with NAB reinforces the value of working with a long-term banking partner and highlights how Green Square is a solid investment opportunity.
“Securing NAB’s funding provides Salta Properties with a rare opportunity to develop this scale of development at Green Square’s in one stage to speed up construction and deliver a finished project by mid 2014.
“Working with Colliers International and Anderson Residential, we have secured a high percentage of off-the plan sales for Green Square, ensuring favourable lending terms and access to funds from one of Australia’s leading banks,” he added.
Due to be completed in mid 2014, Green Square is a $250 million development which will deliver 500 apartments across four separate blocks. The project was designed by SJB Architects and SJB Interiors, provide access to the Yarra River.
Tarascio said Green Square marks the next stage of Salta Properties’ masterplan for the Victoria Gardens Precinct.
Icon Constructions commenced building Green Square in January this year, having successfully delivered its sister development at Richmond a Place to Live in 2012.
Property Review
