This article is from the Australian Property Journal archive
MAXCAP is providing Samma Property Group with a $74 million first mortgage construction facility for the construction of the first stage of its Melbourne mixed-use project.
Located in Ivanhoe at 87-131 Bell Street, approximately 10 kilometres north-east of the Melbourne CBD, Samma Property’s $300 million flagship mixed-use project will comprise 491 apartments spanning four buildings to be developed in four stages.
“Samma Property Group has earned an excellent reputation in the market having delivered a number of quality developments in recent years,” said Johnny Woodhouse state director, VIC, at MaxCap.
The now funded first stage, Linden, will include 134 apartments over 14 floors designed to achieve Better Apartment Design Standards and a 4-Star GreenStar rating, in addition to almost 1,000sqm of retail and commercial space.
On top of car parking, the development will include amenities such as a pet wash, gym, rooftop outdoor terrace, spa, outdoor cinema and a private dining and lounge. While later stages of the development will include a grocery store, café and offices.
Benjamin Cribb, Samma Property Group’s senior development manager, noted the Linden’s design and landscaping by architecture, interior and urban planning firm, Peddle Thorpe, would when combined with the large scale apartments “breathe new life into Ivanhoe”.
“Ivanhoe is a highly desirable suburb with a median house price of $1.6m and median unit price of $750k. Linden appeals to a broad demographic of owner occupiers, down sizers as well as investors,” added Woodhouse.
The total GRV of stage one is anticipated to exceed $94 million, with its completion expected for the third quarter of 2023, with Buxton Constructions having already commenced constructions works.
MaxCap’s funding of Linden follows the commercial real estate debt financier providing a land and first mortgage construction facility to land developer KDL Property Group for their Rosebank Estate project, having rounded out 2021 with a $109 million construction facility for Central Element’s residential luxury project, Pienza, in Neutral Bay.
