Metrics Credit Partners, one of the country’s largest non-bank lenders, will take over the development of a $750 million real estate project after its client defaulted on a loan and the firm failed to sell the inner-city Melbourne site.

The private credit firm, which has a loan book of about $20 billion, was last year forced to take over the operations of the former Rockpool empire founded by high-profile chef Neil Perry after its owner, Quadrant Private Equity, walked away from the struggling restaurant business.