Early works to the first floor of the building were partially completed before the project’s builder was replaced following a building licence issue. Concurrently, the developer was finalising a senior construction loan and seeking to refinance the existing land facility.

Following a detailed review of the project, and confident in the developer’s track record, Dorado provided a mezzanine debt facility. This enabled the developer to refinance the existing land loan and facilitated the settlement of the senior construction loan.