Goldman Refinances A$500 Million Australia Property Credit Fund

Bloomberg10-28 13:31

(Bloomberg) -- Pallas Capital’s A$500 million ($330 million) private credit commercial real estate fund has been refinanced by Goldman Sachs Group Inc., the Sydney-based non-bank lender said in a ...

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Ares Management Corp. invested A$450 million in the original deal, alongside Pallas who put in A$50 million, Pallas’s chief investment officer Dan Gallen said in an interview in February. The lending vehicle joins a growing number of firms such as Rest, PGIM Inc. and Dexus who have raised property credit this year in Australia. Local banks have been reluctant to lend to the private credit market as authorities consider tighter regulatory restrictions.The Pallas fund provides pre-development and residual stock loans that are secured against unsold units as well as investment property loans, it said in the statement. 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