Those two loans are the same experiment with one variable missing. The staff is built to run that experiment.
There’s a particular kind of financial mind that Macquarie Group produces, and the world doesn’t have a great name for it. Macquarie spent thirty years turning things nobody thought of as assets… toll roads, airports, water utilities, cell towers… into financeable, ownable, securitizable infrastructure. The firm got so good at it that “the Macquarie model” became shorthand for a whole approach where you just find a boring physical thing with contracted cash flows, wrap it in the right structure, and sell the resulting paper to pension funds who will hold it for twenty years.
People trained in that model see the world differently. They look at a physical object and ask… what would it take to make this financeable?