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.”
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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.
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