This article is from the Australian Property Journal archive
INVESTMENT manager MaxCap Group and non-bank corporate and property lender Metrics Credit Partners have partnered to deliver $210 million of senior debt funding for Resimax Group’s acquisition and development of the Eynesbury estate.
Located 35 kilometres west of the Melbourne CBD – between two of Victoria’s fastest growing corridors, Wyndham and Melton – the estate 828 hectares of land with potential for up to 10,000 dwelling lots and a forecast gross realisable value in excess of $2 billion.
“The market fundamentals for land subdivision are strong, and we remain committed to supporting this sector in fast growing regions such as the western growth corridor in Melbourne,” Brae Sokolski, MaxCap’s co-founder and chief investment officer said.
The partnership is MaxCap’s and Metrics’ first joint credit facility, and demonstrates how large-scale non-bank lenders can work together to assist institutional scale borrowers, Sokolski said.
Metrics managing partner, Andrew Lockhart said the market is increasingly seeing non-bank lenders undertake larger transactions, closing the gap left by the big banks.
Resimax settled on the Eynesbury acquisition between at the end of last year.
The group’s founder, Aziz “Ozzie” Kheir is one of three vendors who have put the Sands & McDougall complex at the north west edge of the Melbourne CBD to the market, with hopes of $75 million.
