Melnick raises BRL 100M via CRI issuance backed by commercial notes
What's the deal? Brazilian developer Melnick Desenvolvimento Imobiliário has raised BRL 100 million through a public offering of Real Estate Receivables Certificates (CRI), backed by commercial notes the company issued.
The CRIs formed the 173rd issuance of VERT Companhia SecuritizadoraDealroom has a profile for this one. Try Dealroom → and were structured in two series. Banco Safra handled distribution.
Santos Neto Advogados advised Melnick, with partner Matheus Zilioti leading a team of associates Miguel Guardia Favinha, Fabrício Galvano, and Thaiany Gomes. Pinheiro Guimarães Advogados advised Banco Safra.
Why now? The offering was carried out under CVM 160, using the automatic registration rite — a faster path that has made capital-market deals quicker to launch for Brazilian issuers.
What could go wrong? CRI offerings tie repayment to the issuer's underlying commercial notes. Should Melnick face cash-flow strain, investors holding the certificates carry the credit risk.
The signal: Brazilian developers are increasingly turning to securitised debt instruments rather than traditional bank loans to fund growth.
The streamlined CVM 160 framework is fuelling this shift, giving real estate firms a faster, market-based route to capital.
Read more: The Latin American Lawyer · Image: Porto Alegre by Felipe Valduga, CC BY 2.0
