(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 statement on Monday.
The fund, Pallas Funding Trust No. 2, lends to mid-market companies that find it difficult to access financing from other lenders. 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. Most of its deals are between A$2 million and A$20 million.
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