MaxCap sets the PAYCE in 2016
MaxCap continues to diversify and grow its funds under management having recently secured a mandate from one of Australia’s largest superannuation funds.
Under this new funding line, MaxCap is pleased to announce the successful financial close of the first transaction Lakeview, which is the latest project in PAYCE’s urban renewal Public Private Partnership with the NSW State located in Riverwood, NSW.
The residential development is being delivered by listed developer Payce Consolidated Limited and comprises a mix of 218 one, two and three bedroom apartments over three buildings up to eight levels in height.
In August 2010, Payce entered into a Project Delivery Agreement with the NSW Government to complete the urban renewal project known as Washington Park on 3.55 hectares of land in the southwest suburb of Riverwood, NSW.
The aim of the renewal project is to replace existing social housing stock with modern, architecturally designed dwellings in a vibrant community with a mix of social housing and privately owned dwellings. The Project commenced in 2010 with a nine-year timeframe, and incorporates 150 social housing units, 573 private dwellings, car parking, landscaping, storm water management and site works and services.
Washington Park, located less than 30 minutes south-west of the Sydney CBD, has been named as a finalist across five categories in this year’s prestigious Property Council of Australia/Rider Levett Bucknall Innovation and Excellence Awards. The national awards program, now in its 34th year, celebrates Australia’s property development and investment industries.
The introduction of an institutional wedge of funding provided by superannuation funds will greatly assist the property industry by providing bespoke funding solutions to support investment and development activity; a large driver of Australia’s economic growth. This is particularly important in light of recent capital adequacy provisions imposed by APRA, effectively forcing the big banks to reduce their exposure to the $230bn commercial real estate debt market.
Establishing non-bank institutional funding for commercial real estate debt strengthens the system, creating a deeper, more competitive lending market.