Thomson Geer’s Melbourne Banking & Finance team has advised Bank of Melbourne on a $99.2 million construction finance to Eporo Tower Pty Ltd to assist with the development of Eporo Tower in Melbourne’s CBD. The development, which will be comprised of residential apartments, 118 car spaces and associated amenities, will take place on the site owned by the Coptic Orthodox Church. The resultant development will include church lots in addition to the retail and residential lots.
The team also advised on the creation of a security structure and extensively negotiated to protect the interests of the Bank of Melbourne as a consequence of the involvement of the religious entity interests.
The deal settled on 18 July 2014 with development to commence on the city site immediately and practical completion expected in December 2016.