Australian real estate lender and investment manager MaxCap Group announced on Wednesday that it had arranged funding for the $120 million “Park Ave” project in South Melbourne through one of its large institutional mandates.
As one of the prominent lenders on large-scale construction funding throughout the pandemic, MaxCap has committed circa $1.5 billion since April 2020.
Part of the funds will be advanced to finance the development and construction costs of Park Ave, an exciting mixed-use development located at 39 Park Street, South Melbourne, 2.5 kilometres south of the Melbourne CBD. It has 160 apartments with a mix of one, two and three-bedrooms and two retail units over 20 levels.
“We believe there is significant opportunity in this part of Melbourne, with Park Ave designed to cater for young professionals, downsizers and sophisticated investors,” according to MaxCap Group co-founder Brae Sokolski.
“Notably, Park Ave is very well located within an established mixed-use precinct offering direct access to public transport, entertainment precincts, leisure activities and well-regarded schools. The development also features amenities including a wellness centre, gymnasium, sauna and concierge.”
Milbex Group will be developing the project, backed by their track record as an experienced Melbourne-based private developer with a solid portfolio of projects, including several high-density residential towers across Melbourne.
Mr Sokolski also highlighted the growing popularity of South Melbourne as an established and highly sought-after inner-city suburb.
To date, the project has been well received by both the owner-occupier and investor market, with 60 per cent of the project already pre-sold.