Melbourne suburb to benefit from new development
Now officially underway, Neometro’s development is set to benefit the property market of Brunswick, one of Melbourne’s growing inner-city suburbs.
MaxCap Group, a leading commercial real estate debt specialist, proudly announced the closing of a construction finance facility for Neometro’s development on 5 May 2020, supporting the development of design-focused, higher-end residential projects by one of the most established and trusted players in the Melbourne apartment market.
To date, the Neometro has developed in excess of 300 apartments, in the highly sought-after suburbs of Fitzroy, Brunswick, South Yarra and St Kilda.
Commenting on the project, chief investment office Brae Sokolski said: “MaxCap has a strong relationship with Neometro having partnered with them on previous projects. We remain committed to funding quality borrowers with stand-out real estate-backed security.”
Less than five kilometres north of Melbourne’s central business district, 17 Union Street is a sustainable seven-star energy-rated, mixed-use development comprising of 39 residential apartments, two ground floor retail units and a rooftop garden.
The site is close to retail, hospitality and educational institutions and is located directly opposite Jewell Train Station.
Neometro was the first property developer in Australia to obtain “B Corporation” certification – a globally recognised accreditation that reflects a company’s commitment to operating in an ethical and transparent manner and delivering positive social and environmental outcomes.
“These are clearly interesting times in the market. MaxCap’s steadfast approach to sticking by its clients is a testament to the integrity, capability and depth of skills within the organisation,” according to Neometro director James Tutton.
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