High-net-worth investors, family offices and philanthropic organisations piled into its latest raising
Monark co-founders Michael Kark and Adam Slade Jacobson
Melbourne-based nonbank lender Monark Property Partners is looking to significantly expand its finance business interstate after raising $60m in an oversubscribed funding round for its High Yield Debt Fund series, Green Street News can reveal.
The latest raising, which was $10m above Monark’s initial $50m target, was supported by high-net-worth investors, family offices, philanthropic societies and not-for-profits.
The financier, which has a successful track record of backing boutique middle and inner-ring residential projects, has lined up a host of developments into which it will deploy the freshly raised capital. Those include developer Lowe Living’s Maison Savoy project in Brighton on Melbourne’s Bayside and
Equicentia’s De Ville luxury apartments in Sydney’s Manly.
Chief investment officer Adam Slade-Jacobson, who cofounded Monark with CEO Michael Kark and the Liberman family’s Jagen family office in 2013, told Green Street News that Sydney and Queensland present “compelling opportunities to broaden the company’s footprint.”
Slade-Jacobson said Monark was looking to – over time – generate half of its deal flow outside of Melbourne, by taking its relationship-driven, joint venture approach to Sydney and Queensland.
“We’re looking to build long-term sustainable relationships with developer clients with a focus on boutique projects in city fringe locations,” he said.
Monark opened an office in Sydney in August, led by director of investments Tom Nadav. Last month, former Centuria Capital executive Shallan Donohoe joined Nadav in Sydney as director of private capital with responsibility for NSW and Queensland.
Monark’s latest raising will also help fund boutique apartment projects in the inner Melbourne suburbs of Fitzroy, Kew, Prahran and St Kilda West, as well as greenfield land subdivisions in Victoria’s growth corridors. Monark is targeting double-digit returns for series 4 of its High Yield Debt Fund. The series, which provides early seed capital for development projects, has raised more than $200m since 2022.
The fund will typically lend $5m to $20m for projects. Lowe Living co-founder Tim Lowe praised Monark’s partnership approach to funding his Brighton Savoy redevelopment. “They’re not just funders, they’re strategic allies who understand the vision and complexity behind high-end development,” Lowe said.
Since its launch in 2013, Monark has deployed over $1.5bn across more than 200 transactions. Monark’s directors and the Liberman family co-invest in each of its funds.
Alongside providing debt finance, Monark also takes equity positions in projects.
Media Coverage
This story was originally written by Larry Schlesinger and published by Green Street News: Australia – see the article here.