MaxCap supports inner-city Melbourne apartments with $75m lend

20 October 2021

Leading Australasian Commercial Real Estate financier and investment manager MaxCap Group has provided a $75 million first mortgage facility to Salvo Property Group to fund the development of its ‘Stature’ project in Melbourne.

‘Stature’ is a 35-level mixed-use tower development comprising 175 apartments, 6 levels of commercial office space (2,300 sqm) and ground floor retail space (150 sqm) located in the Southbank precinct.

The local area has a wide variety of retail, entertainment and education amenities with Clarendon Street retail precinct, South Melbourne Market and Albert Park Lake in close proximity. In addition, Stature is close to Southbank boulevard fronting the Yarra river, including notable venues such as Crown Melbourne and the Melbourne Convention and Exhibition Centre as well as various hospitality and shopping venues. It is well served by public transport and near a number of tram stops and close to Southern Cross and Flinders Street Stations.

Salvo has a demonstrated track record, successfully delivering over $1bn of mixed-use developments over the past decade within Southbank, Melbourne CBD and surrounding area.

Commenting on the project, Johnny Woodhouse MaxCap’s State Director for VIC said “MaxCap is pleased to be supporting Salvo, one of Melbourne’s premier developers with a first class track record in Southbank. We are excited to build on our long-standing relationship with Salvo. Stature has sold well, has wide appeal in the current market and represents another fantastic development for the group.”

James Maitland, General Manager of Salvo’s Property said “We are excited to be partnering with MaxCap on the funding of our ‘Stature’ project which is set to be a new icon on the Melbourne Skyline.”

Construction has commenced with Maxcon and the project is due to complete by March 2023. The total GRV of the project is expected to be in excess of $125 million.