- The facility will assist Samma with the first stage of Samma Place
- This stage, Linden, will consist of 134 apartments across 14 floors
- Ivanhoe has a median unit price of $750K
Commercial Real Estate financier MaxCap Group has today announced it is providing a $74 million first mortgage construction facility to assist Samma Property Group with the first stage of their new Melbourne project, Samma Place.
The facility will be used to fund the first stage of its flagship mixed-use development located at 87-131 Bell Street, Ivanhoe – a leafy suburb 10 kilometers northeast of Melbourne. It will be developed over four stages with 491 apartments across four buildings upon completion.
Linden, stage one of the development, will consist of 134 apartments across 14 levels along with retail, commercial space and car parking. Communal facilities ranging from a gym, spa and rooftop outdoor terrace to an outdoor cinema and even a pet wash will also be built.
The apartments have been designed to meet the Better Apartment Design Standards and 4-Star GreenStar rating.
The builder of the project will be Buxton Constructions, with interior and urban planning firm Peddle Thorp designing the building.
Project to bring new life into Ivanhoe
Maxcap’s Victorian state director, Johnny Woodhouse, said Samma Property Group has earned an excellent reputation in the sector over recent years.
“Ivanhoe is a highly desirable suburb with a median house price of $1.6m and median unit price of $750k,” Mr Woodhouse added.
“Linden appeals to a broad demographic of owner-occupiers, down sizers as well as investors.”
Benjamin Cribb, Samma Property Group’s senior development manager, said the $300 million development will bolster vibrancy across Ivanhoe.
“Linden’ stands out for its large apartments complemented with cutting-edge design and meticulous landscaping,” he said.
“Our brief ensures Linden has its own identity with each apartment designed as a ‘backyard in the sky’, synthesizing the Australian backyard with contemporary apartments. Linden will also be home to nearly 1,000 square metres of commercial space, with subsequent stages proposed to include a grocery store, café and offices.
Benjamin Cribb, Samma Property Group
Construction works have begun and is expected to be completed during the third quarter of 2023.
The total gross retail value of the first stage is expected to be over $94 million.
