$170m development to benefit Melbourne’s eastern suburbs
MaxCap Group has closed a $170 million senior debt deal for a development finance that will be used to deliver an exciting project in Melbourne’s eastern suburbs known as “Panorama Box Hill”.
With construction well advanced onsite, developers are expected to deliver a finished product that will comprise 396 apartments, 21 office suites and six retail premises. It will also feature a range of amenities including a large open terrace garden, outdoor entertaining area, alfresco dining spaces, and contemporary function facilities.
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Notably, Box Hill stands as one of the largest metropolitan activity centres in Melbourne, firmly established as the pre-eminent growth centre for the eastern suburbs of the capital city.
The area has grown 18 per cent over the past five years, which is higher compared with the broader metropolitan Melbourne growth rate of 12 per cent.
According to MacCaxCap’s co-founder Brae Sokolski, the company was attracted to the investment given the strong dynamic in the market in that part of Melbourne.
“Throughout the [COVID-19] pandemic, we have led the real estate industry in continuing to actively lend to creditworthy projects, providing support to our clients at a critical time,” he said.
Acknowledging the tough economic climate, Panoroma, Hexa Group and MaxCap are proud to acknowledge that around 2,300 jobs are expected to be created throughout the project’s approximate two-year construction duration.
As of mid-July 2020, over 70 per cent of the project stock has been pre-sold.
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