Blue Earth Group Nabs Funding for Ivanhoe Apartments


MaxCap has closed funding for the first stage of a 235 apartment development in Melbourne’s north-east planned by Carlton-based developer Blue Earth Group.

The 11-storey residential project, which the developer says has an end value of $140 million, is planned at 45 Linden Avenue, Ivanhoe.

The facility is for the construction of stage one of the Ivanhoe Gardens project and will cover the two buildings, comprising 235 apartments.

The non-bank lender last week announced it had provided a first mortgage construction finance facility to Western Australian-based developer Iris Residential for its 46-apartment project in Jolimont, Perth.

It also announced a $170 million senior debt deal of a 396-unit development project in Melbourne’s eastern suburb Box Hill, last month.

MaxCap Group founder Brae Sokolski said the latest transaction is the 14th project the lender has partnered on with Blue Earth Group.

“Throughout the Covid-19 pandemic, we have led the industry in continuing to actively fund credit-worthy projects, providing support to our clients at a critical time,” Sokolski said.

Blue Earth Group, founded by Michael and Omran Dib in 1993, was one of the first developers to build a tower in Footscray, its 10-level building at 250 Barkly Street, completed in 2005.

Notwithstanding the current climate, Michael Dib said Blue Earth Group has 2000 apartments in its pipeline.

MaxCap last year set up operations in New Zealand in a joint venture with Bayleys real estate and investment advisory firm Forsyth Barr.

Auckland-based developer Safari Group is also sourcing NZ$30 million ($A27m) from MaxCap for its hotel and apartment building mixed-use project in Wellington.

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