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Orion Closes Syndication of AUD 106M, BBSY + ~8%, 3Y Junior Exposure to AUD 353M Melbourne Docklands Unitranche; Citi Leads Banks Providing AUD 247M Senior
Orion Capital Asia has completed syndication of the AUD 106 million ($75.5 million) junior exposure to a AUD 353 million, secured, three-year term loan for developer AsheMorgan’s The District Docklands mixed-use project in Melbourne, according to two sources familiar with the matter.
Citi led a syndicate of banks that provided a AUD 247 million senior exposure, according to the sources.
The junior pays about 8% over the Bank Bill Swap Bid Rate, or BBSY, both sources said. Its syndication closed late last month, said one of the sources.
The senior piece is priced at BBSY + 2%, the same source said.
Singapore-based private credit manager Orion originally took down the entire AUD 353 million unitranche facility via its Australian vehicle before transferring the senior tranche to the Citi-led bank syndicate, a third source familiar with the matter said.
The underlying collateral includes The District Docklands mall and nearby serviced residential apartments, according to the first and third sources.
Proceeds are to refinance existing senior and junior debt, fund an interest reserve, cover transaction fees and expenses, and provide capital for tenant incentives and ongoing capex, according to the first source.
Orion first signed the facility in December 2025, and began tapping the market to syndicate the junior note that same month, per the third source.
The District Docklands is a 10-hectare urban precinct on the edge of the Melbourne CBD, with over 80,000 sqm of mixed-use space. AsheMorgan acquired the site in 2014 and has since invested over AUD 250 million to convert the former outlet center into an entertainment destination with residential living, according to AsheMorgan’s official website.
AsheMorgan, Orion and Citi did not respond to requests for comment.
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