- The funding facility is in the form of a construction first mortgage
- Eve Residences will be home to 157 apartments over 25 storeys
- Activity has been booming for both MaxCap Group and developer Homecorp
Australian real estate financier, MaxCap Group, has announced the arrangement of a first mortgage construction funding facility for a residential development underway on the Golden Mile strip of Labrador.
Continuing the financier’s strong growth trajectory in Queensland, Eve Residences will consist of 157 apartments over 25 storeys. Additionally, the development will be home to a private rooftop club featuring a spa, sauna, pool gym, and landscaped gardens with a barbeque pavilion on the ground level.
The development focuses on the owner-occupier luxury downsizer market. At the time of publication, 5 apartments remain available. Eve Residences is next to Broadwater and Broadwater Parklands and near various landmarks such as SeaWorld, Marina Mirgae and the Star Casino.
“We are delighted to be partnering with an experienced developer Ron Bakir, Director Homecorp on this exemplary project,” said Greg Anderson, MaxCap Associate Director, Investment – QLD.
“There has been strong demand for the luxury apartments, designed by award-winning architects DBI International and being built by Hutchinson Builders.”
The final GRV of the projected is expected to be in the vicinity of $150 million. Construction began last month with completion due in early 2024.
Boom times for Gold Coast, developer and financier
We regularly commentate on widespread growth across the Gold Coast residential market. In particular, demand for apartments remains high – with many sales records broken in recent times.
Labrador itself, located 74km south east of the Brisbane CBD, is widely touted as the gateway to northern suburbs of the Gold Coast.
Along with the Gold Coast, the developer and the first mortgage financier of Eve Residences
Homecorp Property Group is the developer of the project. Since founded in 2004, it has delivered over 3,5000 lots across 19 projects in Queensland, New South Wales, Western Australia and South Australia, with sales of over $1.5 billion. Notably, a part of Homecorp’s construction has recently been acquired by Toyota.
MaxCap has invested more than $14.5 billion since its inception in 2007, making it one of the largest commercial real estate investment specialists in Australia and New Zealand.
The team and GURNER acquired a Burleigh Heads site for a $120 million development earlier this year, and more recently announced $80 million in funding towards Brewery Yard development.
