New residential development project to benefit Ivanhoe, Melbourne
MaxCap Group has closed funding for “Ivanhoe Gardens”, a large-scale residential project with an end value of circa $140 million located in Ivanhoe, Melbourne and set to be developed by Blue Earth Group (BEG).
The MaxCap Funding Facility is for the construction of stage 1 of the master plan development, which will cover two buildings in the project, to be known as “Bloomsbury” and “Everleigh” comprising 235 apartments.
The project is well located in the leafy north-eastern suburb of Ivanhoe, where residents will have direct access to public transport, with a metro train station and bus stops along Bell Street.
Residential amenities at “Ivanhoe Gardens” will include a wine cellar, cinema, on-site “click & collect”, fitness centre, indoor squash court, sauna, game room, golf simulator and co-working space, all of which could be booked via a custom-made building app.
MaxCap Group founder Brae Sokolski said: “MaxCap has a long proud history of funding Australia’s leading private developers. This transaction represents the 14th project we have partnered together with Blue Earth Group.”
“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 creditworthy projects, providing support to our clients at a critical time.”
Carlton-based Blue Earth Group was founded by Michael and Omran Dib and commenced operations in 1993. Backed by a track record of quality developments, the Group now has 2000 apartments in the current pipeline.
“We develop apartments that revolve around people,” according to Mr Dib.
“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.”
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