The gorgeous Victor apartments are situated in Auckland’s Browns Bay. The complex, completed in June 2021, is valued at $90 million and has been exclusively funded by Vincent Capital. The development has produced an architecturally stunning landmark, which is a perfect fit for the beauty of its natural surroundings. The six level development includes 64 residential apartments. There is a mix of studio, one, two and three bedroom apartments, including eight luxury penthouses. The ground floor provides eight retail units. Two additional basement levels provide 74 car parks.
When the developer first approached Vincent Capital in 2019, we committed to provide full financial support for the project. Little did we know in this pre-Covid time, what lay ahead. However, we had committed to supporting the project and we stood by our word. We continued providing financial support throughout the uncertainty caused by Covid. In fact, our approach was to step-up our support when times were tough. We knew that by providing additional assistance to our clients, we were increasing their likelihood of success – and ours too.
As with all our projects we took a partnership approach. We did not require the clients to commit to a level of pre-sales for the apartments as a precondition of drawing down. As a result, when Covid made its first appearance in New Zealand, the client was able to pause apartment sales and focus on the project delivery.
The Victor apartments are now fully completed and the purchasers have settled into their new homes. Vincent Capital are exceptionally proud to have supported this community focussed development, providing an opportunity for beach lovers to own their piece of paradise.
As we’ve been seeing, the housing market has recovered at unprecedented speed, with Covid related factors contributing to the strong growth. However, the impact of Covid was unknown as it unfolded and there were many uncertainties in the market. Projects such as the Victor apartments, which were able to continue during Covid, were later able to benefit from the market.
For this reason, during the first lockdown in 2020, Vincent Capital honoured all existing loans and offers. All of our signed offers were settled, all progress drawdowns were approved and most importantly, we maintained all pre-agreed interest rates and fees. We saw this as being integral to our organisational values. We are continuing with the same ethos for the current lockdown, helping our clients realise their project dreams.
Our client’s success is our success. We are delighted to see such a sensational outcome for the Victor apartments. If you have a project, large or small, and would like to discuss how we can assist you, please get in touch with our senior lending manager Michael Long. You can contact Michael by phone on 027-666-6170 or 09-869-8372 or email firstname.lastname@example.org.