Melbourne developer Neometro will commence construction on a mixed-use development in Brunswick after securing finance from non-bank lender MaxCap.
The B-Corp certified developer’s inner-city project will comprise 39 apartments across eight levels, along with two ground floors of retail and a rooftop garden, in an appeal to the higher-end owner occupier market.
MaxCap’s construction finance facility comes having partnered with Neometro on projects prior to Covid-19, including its nearby Wilson Avenue project.
“These are clearly interesting times in the market,” Neometro director James Tutton said of the finance announcement.
The majority of apartment sales were made prior to the pandemic, with 32 of the 39 apartments having been sold or reserved.
The $27.5 million development, at 17 Union Street, is a design collab between BKK Architects, Clare Cousins Architects and Neometro, with builder Manresa Constructions, a division of the McCorkell Brown Group, assigned on the project.
Melbourne-based Neometro is the first developer in Australia to obtain a B- corp certification, a qualification based on social, ethical and environmental production.
Neometro has completed projects in Fitzroy, Brunswick, South Yarra and St Kilda.
Tutton said the latest Brunswick project has a 7-star energy rating.
“Sustainable living at 17 Union Street is about creating infrastructure that supports resilient communities while incorporating environmentally sustainable design principles,” he said.
Melbourne headquartered MaxCap, which has backed construction on Golden Age Group's Park One development in Sydney, and Bilbergia's Skytower in Brisbane, says it has originated more than $8.8 billion across 330 loans, with current funds under management $3.4 billion.