Thomsons has advised 1835 Property, Marlborough Capital and their affiliate, Trinity City, on the financing and construction of the A$450 million 88 North Terrace student accommodation project in Adelaide, paving the way for construction to commence.

The landmark 33-storey development, located near Adelaide University’s City West campuses and the city’s health precinct, will deliver 1,000 new beds and is set to become the largest purpose-built student accommodation facility in Adelaide. The project will also deliver major upgrades and new ministry and administration spaces for Trinity Church and will support over 400 jobs.

Thomsons acted as counsel to the developer on the senior construction debt financing and all legal aspects of the construction, tax and structuring required to reach financial close and start construction.

The transaction highlights continued international investment into high-quality Australian real estate and underscores the growing demand for purpose-built student accommodation in key education precincts.

Thomsons client partner, George Hodson commented: "We are delighted to continue to support our good clients at 1835 Property and Marlborough Capital on this landmark development for the city of Adelaide."

Partner Jae Lemin, who led the financing aspects, said: "This is a significant and complex financing and it was our pleasure to work with Jason Di Iulio, Simon Toovey, Joseph Scali and their teams and consultants to achieve this outcome. Our team worked closely with all parties to navigate the evolving commercial landscape and achieve a successful outcome."

Partner Shannon Schwarz, who led the construction aspects, said: "We are pleased to assist with this skyline-changing project which provides much needed purpose-built student accommodation in the heart of Adelaide."

Jason Di Iulio, Managing Director of 1835 Property, who led the financing for Trinity City, said: "The Thomsons team were invaluable in the negotiation and structure of both the financing and construction arrangements and I commend them for their dedication and advice. "

The Thomsons team also included Special Counsel Alexandra Nicola and Associate Ari Nelson.