Private credit platform Merricks Capital has developed and sold a $150 million boutique Melbourne hotel, taking charge of the project two years ago after its developer defaulted on payments to its builder.
Amid a $200 billion private credit boom, the deal is a textbook example of how non-bank lenders can take charge of troubled loans to deliver for their investors, according to Merricks chief investment officer Adrian Redlich.
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Nick Lenaghan edits the property section, which covers all aspects, from residential real estate and housing and construction to commercial property – office, retail, industrial – and major ASX-listed developers and real estate investment trusts. Connect with Nick on Twitter. Email Nick at nlenaghan@afr.com
