This article is from the Australian Property Journal archive
NON-BANK lender MaxCap Group is providing $170 million in financing for the construction of the 396 apartment Panorama Box Hill project in Melbourne’s eastern suburbs.
Construction is well advanced on the site and as of mid July 2020, over 70% of the project had been pre sold.
MaxCap is investing via its First Mortgage Construction Fund alongside an institutional capital partner based in Hong Kong.
The 31 level project, by Panorama and Hexa Group, will also include 21 office suites and six retail premises, and feature a range of amenities including a large open terrace garden, outdoor entertaining area, alfresco dinning spaces and function facilities.
Box Hill is one of the largest metropolitan activity centres in Melbourne, and has grown 18% over the past five years compared with the broader metropolitan Melbourne growth rate of 12%.
MaxCap announced in May it is funding the construction of Neometro’s uber green $27.5 million apartment development in Melbourne’s inner city suburb of Brunswick, and earlier this year partnered with Metrics Credit Partners to deliver $210 million of senior debt funding for Resimax Group’s acquisition and development of the Eynesbury estate.
