First Mortgage Construction Funding

MaxCap is pleased to have provided a First Mortgage Construction Facility for Positive Investment Enterprise’s ‘Kew Norwest’ residential development in Schofields.

Located in the growth corridor of North West in Sydney, the area has been experiencing strong levels of growth as well as government and private infrastructure investment, including the new Sydney metro line.

Designed by PBD Architects, the Project consists of 119 residential apartments within the five-storey U-shaped development. Configurations include a selection of two, three and four bedroom apartments with views towards the Blue Mountains. The development also includes basement car parking as well as rooftop recreational facilities.

The Sponsor, Positive Investment Enterprise, is an experienced developer of medium rise, high density apartments recently completing two developments in Roseville and Homebush. The Project has secured 67% off the plan pre-sales since June 2017, and project GRV is in excess of $69m.