Commercial real estate lender and investment manager MaxCap Group confirmed on Thursday that it has delivered a circa $90 million construction facility to assist Kokoda Property Group with the development of a residential project known as “The Ambrose”, located in Milton, Queensland 4064.
MaxCap has been one of Australia’s most prominent lenders for large-scale construction funding throughout the pandemic, with more than $1.5 billion committed since April 2020.
The Ambrose will consist of 181 apartments in a 20-storey building, with a focus on a luxury lifestyle concept, supported by extensive communal facilities with concierge, health and wellness centre, private dining and wine storage, entertainment deck, rooftop terrace and swimming pool.
“We see this as an outstanding project with all the virtues we look for in credit worthy large scale residential developments,” according to Brae Sokolski, co-founder of MaxCap Group.
“With its proximity to the CBD and the Brisbane River,is a sought-after location and the product delivers a new level of quality to the precinct.”
Similar to Kokoda’s recently completed Chester & Ella development, The Ambrose offers a high-quality build and finish, as well as a superior level of amenity compared to other projects.
For 22 years, Kokoda has built a reputation as a property development company focused on developing luxury homes, successfully delivering over 100 developments since 1997.
The South-East Queensland market is relatively well positioned to weather COVID-19 impacts, being less reliant on overseas migration, benefiting from significant infrastructure spending and relative affordability compared to NSW and Victoria.
Brisbane’s supply forecast for the short to medium-term also limits the number of project completions and, thus, ensures that the project remains a highly attractive proposition to potential purchasers.