This article is from the Australian Property Journal archive
LENDER MaxCap Group has closed funding for private developer Blue Earth Group’s Ivanhoe Gardens residential project, which will have an end value of $140 million.
The MaxCap Funding Facility is for the construction of stage 1 of the master plan development which includes two buildings comprising of 235 apartments.
“This transaction represents the 14th project we have partnered together with Blue Earth Group,” MaxCap founder Brae Sokolski said.
This is the second transaction this month for MaxCap which recently funded a boutique apartment development in Perth’s Jolimont.
Last month it tipped in $170 million for a 396 apartment project in Melbourne’s Box Hill, and committed to funding the construction of a smaller project in the inner suburbs.
Founded in 1993 by Michael and Omran Dib, BEG has over 2,000 apartments in the current pipeline.
“BEG always deliver an exceptional product at a competitive price point and Ivanhoe Gardens is a prime example. We are delighted to be funding this development and reinforcing our unwavering commitment to providing institutional scale credit to the real estate sector.
“Throughout the Covid-19 pandemic, we have led the industry in continuing to actively fund credit worthy projects, providing support to our clients at a critical time,” he added.
“We develop apartments that revolve around people,” Michael Dib said. “These are beautiful vibrant spaces that draw inspiration from the 21st century lifestyle. ‘Ivanhoe Gardens’ will meet the demands of an urban lifestyle, striking a balance between work, rest and play with spaces that ultimately connect people with a shared concern for a better way of life.”
