FV Flatiron: MaxCap steamrolls into Brisbane

MaxCap Group played an integral role in the marquee FV project in Fortitude Valley, Brisbane, which has a GRV of $310m and whose design is inspired by New York’s iconic Flatiron building.

MaxCap introduced the developer and equity partners, originated and delivered the total debt finance package including the first and second mortgage facilities. The first tranche of private capital for FV was drawn on 31st March.

Construction has now commenced for Stages 1 and 2, known as Flatiron & Valley House (Towers 1 & 2), with units completely sold out and Brisbane’s Lord Mayor Graham Quirk turning the first dirt onsite on Thursday 9th April.

The Australian newspaper highlighted MaxCap’s role in the project and quoted Managing Director Wayne Lasky; “it’s not every day there is a $220m global syndicate that comes to fruition, especially in Brisbane… global investment houses are increasingly interested in Australian real estate. This is a trend in recent times, and I believe we’re seeing the tip of the iceberg”.

FV’s first two towers are designed by Elenberg Fraser and is a mixed-use high rise development project, comprising 651 apartments and retail, and will include a 3,000 square metre residents-only resort-style Private Club. The triangular site is a 5,000 square metre island site bordered by Brunswick Street, Alfred Street and Barry Parade, with uninterrupted views to the city, river, bay and mountains. The building contract has been awarded to tier one builder, Brookfield Multiplex.

Click hereto read the article, ‘Apollo in syndicate behind Gurner’s FV’ from The Weekend Australian,Primespace Section p38, 11-12th April ’15.

For borrower finance products and advisory services, contact Brae Sokolski, Chief Investment Officer; brae@maxcapgroup.com.au