Tall & Urban News

Planned Melbourne Residential Tower Receives Funding

The project will feature 594 luxury apartments.
The project will feature 594 luxury apartments.
25 September 2019 | Melbourne, Australia

Melbourne-based developer ICD Property has secured construction funding from MaxCap Group and investment bank Goldman Sachs for its AU$440 million (US$297 million) residential tower development on King Street.

The Elenberg Fraser-designed 65-story tower, called Aspire Melbourne, is said to be one of the city’s last permitted “super towers.”

The project, which will feature 594 luxury apartments, located opposite Flagstaff Gardens, has sold approximately 300 apartments to date, worth AU$225 million (US$152 million) in sales.

ICD managing director Matthew Khoo said having MaxCap involved on the project as a joint venture capital partner was “a huge vote of confidence for the project.”

Khoo says the latest funding comes after non-bank lender MaxCap Group provided ICD traditional debt finance on six previous projects.

The King Street development is ICD Property’s second central-city residential development in Melbourne, after completing Eq. Tower in 2016.

For more on this story, go to The Urban Developer.