Allens has advised the senior lenders on a series of affordable housing projects in Queensland and Western Australia.
The first transactions involved Sumitomo Mitsui Banking Corporation (SMBC) as mandated lead arranger and underwriter on the successful close of the Logan and Moreton Bay affordable housing projects in Queensland. The second transaction involved Australia and New Zealand Banking Group (ANZ) financing affordable housing in Rivervale, Western Australia.
Comprising a total of 530 dwellings, the three projects will be developed by Tetris Capital, one of Australia’s largest private developers and managers of social infrastructure and affordable accommodation. Housing Australia will provide a concessional loan to each of the projects.
The projects are the first Housing Australia Future Fund (HAFF) transactions to include commercial lenders, representing a significant milestone in the Australian Government's initiative to deliver 30,000 new social and affordable dwellings.
'This transaction demonstrates the critical role the private sector can play in delivering social infrastructure,' said lead partner Scott McCoy.
'We're seeing growing investment activity in affordable housing as governments continue to focus on partnering with the private sector to expand supply. The HAFF and state-level initiatives, such as the Ground Lease Model in Victoria and Housing Investment Fund in Queensland, are accelerating this activity.
'We are delighted to have worked with SMBC, ANZ and Tetris Capital as they deliver these transformative projects.'
Allens is a leading adviser on the financing and development of affordable housing, having previously advised Tetris Capital on the Ground Lease Model 2 project, the lenders on the financing of a significant new social and affordable housing development in Toowoomba, and a Stockland consortium on Australia's largest social housing project in Waterloo, Sydney.
Allens legal team
Scott McCoy (Partner), Tim Leschke (Managing Associate), Tim Broune (Senior Associate), Cara Kenny (Associate), Nick Walker (Lawyer)