Vitale Property Group and MaxCap Group have announced the successful opening of Mondrian Gold Coast, marking a significant milestone in Australia’s luxury hospitality landscape. The iconic 24-storey beachfront development, which officially opened its doors this month, represents the culmination of a transformative $510 million project that brings the world-renowned Mondrian brand to Australian shores for the first time.

The project was developed by Chris and Letitia Vitale of Vitale Property Group and financed by MaxCap Group through a mandate with a large institutional investor via a first mortgage facility of more than $300 million – one of the largest development funding facilities without syndication in Australian real estate. The dual-tower project features 208 luxury hotel rooms alongside 83 premium residential apartments, creating a new benchmark for integrated hospitality and residential living on the Gold Coast.

“We are incredibly proud to deliver this world-class project that transforms Burleigh Heads into a truly international luxury destination,” said Chris Vitale, founder of Vitale Property Group. “From the moment we acquired this extraordinary oceanfront site, our vision was to create something unprecedented for the southern Gold Coast. We thank MaxCap Group for their consistent backing and flexibility, which played a vital role in seeing this development through to completion. Their support has been instrumental in delivering a sophisticated hospitality experience that celebrates the natural beauty of Burleigh, while offering the level of luxury and service that discerning travellers expect.”

The project, strategically located on the corner of First Avenue and The Esplanade with direct beach access and panoramic views of Burleigh Headland National Park, addresses a significant gap in the luxury accommodation market south of Broadbeach.

“MaxCap Group is delighted to have supported this landmark development that showcases the strength and resilience of Australia’s hospitality sector,” said Brae Sokolski, MaxCap Group’s Founding Partner and Executive Director. “Our partnership with Vitale Property Group demonstrates our commitment to backing visionary developers who create projects of lasting significance. Mondrian Gold Coast represents exactly the type of premium, mixed-use development that we believe will drive tourism and economic growth in the region.”

The development features innovative design that draws inspiration from Burleigh’s natural coastal environment. The property’s amenities include multiple restaurants, a wellness facility, a 25-metre resort-style pool and 20 hybrid event spaces across four levels.

A key differentiator of the project is its integration of hotel and residential components. The 83 Mondrian-branded residential apartments feature separate access points, elevators and amenity areas from the hotel operations, ensuring privacy for permanent residents while providing optional access to the world-class hotel facilities.

“We’ve created not just a hotel, but a destination that will attract both domestic and international visitors, while providing an exceptional living environment for our residential owners,” noted Vitale.

The opening of Mondrian Gold Coast is expected to generate significant economic benefits for the region, creating employment opportunities and establishing Burleigh Heads as a premier luxury tourism destination.

MaxCap Group has financed more than $20 billion in private credit projects since inception, including over $2 billion in Queensland’s residential, office, hotel, retail and industrial sectors.

Leading Australasian Commercial Real Estate financier and investment manager MaxCap Group has provided a $55 million first mortgage facility to Abadeen Group to fund the acquisition and development of mixed-use project in Sydney.

The diversified strata-titled project ‘HQ78’ will include the development of high-tech warehouses, commercial offices and a retail building located on O’Riordan St in Alexandria, a highly desirable inner-city suburb. HQ78 is located 5km from Sydney CBD, 2km from the airport and close to major transport links. It will appeal to a range of occupiers including e-commerce, fashion, design and retail showrooms.

Abadeen Group is a well-regarded Sydney developer with an extensive track record of having developed more than 80 medium and high density residential and commercial projects with a value in excess of $1.3bn across Sydney since 1995.
HQ78

The Project comprises demolition of the existing warehouses and construction of a new, four storey strata-titled building overlying a single-storey basement comprising:

• 4,639sqm of high-tech warehouse suites (95m2-238m2)
• 1,995sqm over 3 floors of commercial office suites offering flexibility from boutique office spaces to entire floor plates. Office spaces are configurable from 110sqm – 660sqm.
• Retail showroom consisting of 777sqm of window fronted space
• 40 basement storage units (9-29sqm).
• 67 car spaces are provided (1 for each warehouse unit, 8 for the retail showroom, and 6 for each 600sqm office).

Since stage 1 launch in October 2020, presales have been strong highlighting the demand for commercial and industrial space within the market.

David Oudshoorn, MaxCap’s State Director – NSW said “HQ78 is a unique project capitalising on the rapid change occurring in the South Sydney market and provides MaxCap with a great opportunity to expand our relationship with Abadeen. This type of product is in high demand at the moment and provides us with a great way to diversify our exposure across a number of sectors.”

”Created to bring together forward-thinking companies across a range of fields, HQ78 offers a diverse collection of commercial spaces including high-tech warehouses, strata office space and a retail showroom. Located on one of Sydney’s most in-demand thoroughfares – means exceptional exposure and traffic to the site and businesses within. HQ78’s unique offering is hugely attractive to investors, occupiers and consumers alike.” said Justin Brown, Managing Director of Abadeen Group.

“MaxCap is a key partner of the business on a number of projects, and through provision of debt financing has enabled the commencement of construction of HQ78 with appointed builders EQ Projects.”

The total GRV of the project is expected to be circa $78 million. Construction has commenced and the project is due to complete in Q1 2023.

MaxCap Group’s Executive Chairman and Founder, Wayne Lasky, today announced that the Board has appointed Kylie Robb as MaxCap’s Chief Financial Officer. Ms Robb was formerly EGM, CFO Business and Private Bank at NAB.

Mr Lasky said: “Our rigorous executive search process delivered a range of high-quality candidates. Ultimately the Board made the decision based on Kylie’s breadth of commercial and technical expertise. She brings over 20 years experience in Financial Services, including Investment Banking at Goldman Sachs in New York and Sydney, Group Treasury at CBA and Finance at NAB.”

“The MaxCap Board is delighted to welcome Kylie as our Chief Financial Officer. Kylie has a proven track record of strategic development, execution through change and developing high performing teams. She is a highly regarded industry expert and an outstanding leader of people, with a reputation for integrity and strong commercial vision. Kylie is ideally suited to join MaxCap’s Executive team to accelerate the company’s growth and innovation.”

Ms Robb said: “It is an honour to be appointed to an organisation that is well known for its market leading position in real estate private credit and equity solutions. MaxCap has delivered a range of outstanding investment solutions for institutional and wholesale clients for over 17 years and is well positioned for future growth. I leave my current role at NAB with great respect for the organisation and am looking forward to leveraging my experience and networks to support MaxCap’s ongoing success with its clients, staff, stakeholders and the community.”

Apollo Global Management’s Partner and Head of Asia Pacific, Matthew Michelini said: “MaxCap is a key component of Apollo’s commercial real estate strategy in Australia, with Apollo serving as a strategic partner and capital provider helping MaxCap meet the growing needs of the market. Kylie is a proven leader with significant banking and finance experience, and we are confident as CFO she will continue driving the business forward.”

MaxCap Group’s flagship commercial real estate debt vehicle, the MaxCap Investment Trust (MIT), has reached $1 billion in funds under management, a milestone reflecting broad-based adoption from pension funds, insurance companies, wealth management groups and family offices.

The milestone comes as MIT’s First Mortgage Fund recently secured a A$75 million investment from Apollo-managed funds or accounts, alongside an Investment-Grade rating from leading Australian research house Lonsec within two years since MIT’s inception.

“MIT’s product attributes are based solely on direct investor feedback – most notably consistent monthly liquidity, reliable distributions and portfolio diversification with strong downside protection,” said Wayne Lasky, Executive Chairman and Co-founder of MaxCap Group. “As MIT continues on its strong growth trajectory, we expect increasing institutional engagement, as investors continue to seek strategies that can provide diversification benefits with lower concentration risk and target attractive risk-adjusted returns.”

MIT’s First Mortgage Fund has delivered a 11.05 per cent net return for the 12 months to 31 May 2025, while the High Yield Fund achieved a 11.87 per cent net return over the same period. MIT maintains a diversified portfolio of more than 80 loans backed by real assets across eight geographies and seven property sectors.

Over the past two decades, MaxCap Group has established itself as a major non-bank player in the Australasian commercial real estate sector, including being the first to secure an institutional mandate in 2011. With non-banks currently providing around 18 per cent of commercial real estate debt in Australia, compared to around 62 per cent in the US, MaxCap Group sees a significant expansion opportunity to further capitalise on the global shift toward private assets and, more specifically, real estate-backed private credit[1].

“We believe MIT is particularly well-positioned in Australia’s living sector, where our first mortgage debt positions lean into what we see as a once-in-a-generation undersupply of housing. This is helping to generate attractive risk-adjusted returns, while also providing investors with monthly distributions and liquidity that they value”, said Rob Hattersley, Group Head of Capital at MaxCap Group.

“As the funding gap created by bank regulation continues to grow, we’re seeing increasing quality in both sponsors and deal flow. High-quality developers who previously relied on bank financing alone are now seeking a more flexible, patient capital approach – creating better opportunities for our investors.”

Despite rapid growth, MaxCap Group maintains disciplined underwriting and continues to focus on senior debt which represents around 85 per cent of its total loan book today. MaxCap Group also maintains one of Australasia’s largest specialist real estate debt origination teams outside of the major banks, enabling the fund manager to generate a significant origination pipeline.

MIT provides access to diversified Australasian commercial real estate loans through two options:

• First Mortgage Fund: targeting RBA + 5 per cent p.a. (11.05 per cent net return to May 2025)
• High Yield Fund: targeting RBA + 8 per cent p.a. (11.87 per cent net return to May 2025)

Both MIT funds offer monthly distributions and redemptions, with underlying origination fees shared at least 50 per cent with investors, providing strong alignment. They also adhere to strict concentration limits by sponsor, sector, geography and investment type.

[1] PGIM – November 2024

The rating published on 4/2025 for MaxCap Investment Trust – First Mortgage Class Units is issued by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445 (Lonsec Research). Ratings are general advice only and have been prepared without taking account of investors’ objectives, financial situation or needs. Consider your personal circumstances, read the product disclosure statement and seek independent financial advice before investing. The rating is not a recommendation to purchase, sell or hold any product. Past performance information is not indicative of future performance. Ratings are subject to change without notice and Lonsec Research assumes no obligation to update. Lonsec Research uses objective criteria and receives a fee from the Fund Manager. Visit lonsec.com.au for ratings information and to access the full report. © 2025 Lonsec. All rights reserved.