Melbourne, 21 October 2020 – Leading Australasian Real Estate Lender and Investment Manager, MaxCap Group announced today that it had arranged funding for the $120million ‘Park Ave’ project in South Melbourne through one of its’ large institutional mandates.
MaxCap has been a prominent lender on large scale construction funding throughout the pandemic committing circa $1.5bn since April 2020.
Funds will be advanced to finance the development and construction costs of this exciting mixed-use development in Melbourne. The development is ideally located at 39 Park Street, South Melbourne, 2.5 kilometres south of the Melbourne CBD. It comprises 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,” said Brae Sokolski, Co-Founder MaxCap Group. “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.”
Mr Sokolski confirmed Milbex Group would develop the project. He highlighted Milbex’s track record as an experienced Melbourne based private developer with a solid portfolio of projects having completed several high-density residential towers across Melbourne.
Michael Vil, Founder and Director of Milbex said: “These are clearly interesting and challenging times in the market. MaxCap’s has remained steadfast in its approach to sticking by its clients and has provided unwavering support in arranging funding for our Park Ave project.”
Mr Sokolski also highlighted the growing popularity of South Melbourne as an established and highly sought-after inner-city suburb. The project has been well received by both the owner-occupier and investor market with 60% of the project presold to date.