ANZ backs Hamton-Hostplus with $295m loan for Moonee Valley Park development
ANZ has executed $295m of debt facilities to deliver the next stage of the $2 billion redevelopment of Moonee Valley Racecourse, known as Moonee Valley Park.
The loan to the developer, a joint venture between leading Melbourne private developer Hamton and leading industry superannuation fund Hostplus, represented by its Investment Manager ISPT, will primarily fund delivery of the next two residential stages, Trackside House and Stonepine House, comprising 325 apartments.
Funds will also be used to seek planning permits on the balance of the development land and sitewide works to prepare for the Club’s works, which are due to commence in November 2025.
Hamton’s Executive Chairman, Paul Hameister, said, the scale of the debt package with ANZ is a reflection of the strength of security offered by the Hamton-Hostplus-MVRC partnership and the presale success of the latest stages.
“It shows that for the right projects and the right developers, build-to-sell is still a development strategy that will secure the support of the big four banks," Hameister said.
“ANZ’s collaborative approach and innovative thinking has added a lot of value to the project to date and we look forward to continuing that partnership through until project completion over the next decade."
Trackside and Stonepine House will sit alongside the already completed Feehan Row and Thomas Street, in addition to a range of premium residential amenity.
Trackside House will comprise just over 200 apartments across 11 levels, while Stonepine House, now over 80 per cent sold, will have 119 two and three-bedroom units. Both buildings will have extensive resident amenity like a rooftop pool, hobby room, state of the art gym, and private dining areas which are bookable by the resident app.
Both projects are being built by Icon, who were appointed to construct the latest stages of the masterplan earlier this year.
Read more: Hamton appoints builder for Stonepine and Trackside House in Moonee Valley Park redevelopment