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Non-banks step up funding on Melbourne apartment projects

Australian Financial Review .

Non-bank lenders have ramped up their funding of Melbourne apartment projects as developers bet on strong demand from owner occupiers for larger residences and as bank funding remains hard to secure.

Non-banks step up funding on Melbourne apartment projects

In the upmarket bayside suburb of Brighton, Pallas Capital is providing senior debt construction funding and Dark Horse Capital mezzanine funding for a $37 million luxury project known as Fifty Two Black featuring just four residences and one full-floor penthouse priced from $6 million to $9 million.

The project is being developed by local developer PB & Co and is the first in Australia to be designed in collaboration with Ralph Lauren Home, the home design and furnishings arm of the global fashion house.

Each Black Street residence, which range in size from 225sqm to 289sqm, will be fitted out with about $1 million of Ralph Lauren Home furniture, crockery, glassware and linen.

Construction has kicked off ahead of the project’s sales launch with the developer confident of securing buyers for its bespoke offering.

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