NON-bank real estate lender MaxCap Group will provide a $109 million construction facility to developer Central Element for its residential luxury project, Pienza, in Sydney’s Neutral Bay.
Construction is expected to begin in the first quarter of 2022 on the residential and retail development.
Designed by leading architect SJB, Pienza will comprise a six-storey building with exclusive 39 residences, secluded rooftop gardens and infinity pool, with two levels of commercial space and basement parking
Marketing commenced in November 2021, with the project being sold by CBRE.
“We are delighted to be extending our relationship with Central Element on “Pienza Neutral Bay Village” in Sydney’s Lower North Shore,” said David Oudshoorn, MaxCap’s state director – NSW.
“There is really nothing else like it in the area, right in the heart of Neutral Bay Village.
“Pienza targets the luxury down-sizer market where we have seen continued sales momentum over the past year and projects like this are the perfect means for MaxCap to continue with our renewed push in NSW.
“Central Element have a great track record of delivering quality product with recent projects in Balmoral and Coogee selling extremely well and this will really be a landmark project for the group.” said Oudshoorn.