Aspire Melbourne exterior render with view to the Southeast

Goldman Sachs has provided a A$260m (€160m) construction loan to MaxCap and ICD Property’s A$440m Melbourne-based apartment project.

The 65-storey Aspire Melbourne project, located in the heart of the city, will offer 594 apartments.

According to marketing agent Colliers International, Aspire Melbourne has been the fastest-selling "off-market" residential project in Australia this year, with approximately 300 apartments already sold, totalling A$225m in sales.

Wayne Lasky, MaxCap co-founder and joint managing director, told IPE Real Assets that, in this instance, MaxCap was an equity investor and it had selected Goldman Sachs to fund the construction.

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Our primary role within the joint venture is to structure and secure the debt package, which includes the senior debt and a mezzanine component of A$30m from an Asian capital partner,
said Wayne Lasky, MaxCap co-founder and joint managing director

"Direct investment is a natural extension for our business which has a separate investment business unit to undertake equity positions in projects."

Lasky added that historically cheap offshore capital seeking equity investment in Australia had receded, and it was now a far more attractive proposition to participate in equity, albeit to do so selectively.

He said MaxCap had provided developer ICD with traditional debt finance on six previous projects and were impressed with their delivery capability and the quality of their end product.

ICD Managing Director, Matthew Khoo, said: "Having MaxCap Group as a capital partner is a huge vote of confidence for the project and ICD’s capability and vision to deliver something new to Melbourne’s ever-evolving skyline."

Original article sourced from


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