Developer KDL Property Group has secured a $25 million land and construction loan for a residential project in Queensland from MaxCap Group. 

KDL will use the land and first mortgage construction facility for the Rosebank Estate, which is located in Queensland’s prime growth corridor of Logan Reserve. 

The lender said the project had had strong demand from first home buyers due to infrastructure investment and demonstrated market acceptance of neighbouring developments.  

“In a burgeoning land market, to have an opportunity with a developer of the calibre of KDL, this represents the ideal project for MaxCap to continue pursuing quality residential land sub-divisions in southeast Queensland,” said MaxCap’s State Director – QLD, Michael Nitschke. 

“With the current industry landscape presenting new challenges, MaxCap Group’s flexible solution allows us to be agile as we continue to deliver on our promise to develop quality communities,” said KDL Property Group Managing Director Kent Leicester. 

“With Rosebank now under construction and number of new projects to come to market in 2022 and beyond, we envision this is only the first of many ventures with MaxCap Group.” 

KDL said it has more than 1,000 lots currently in the pipeline with a number of new projects set to launch in 2022 and beyond.

Valued at $72 million, the Rosebank Estate project has 272 residential blocks of land.  

The loan comes after MaxCap provided a construction facility of more than $100 million to developer Central Element for its Pienza Neutral Bay Village project in Sydney last month.  

The lender arranged a funding facility of $320 million to CBD Group for its Trio mixed-use development in Melbourne’s East in December 2021. 

In November last year, MaxCap provided a first mortgage land facility to DD Living for its purchase of the ‘Royale Gold Coast’ site on the Gold Coast, as well as a $132 million first mortgage construction facility to developer Golden Age Development Group to build an A-grade office building in Melbourne.