Allens has advised a syndicate of lenders on the financing of a significant new social and affordable housing development in Toowoomba, Queensland.
The lenders will provide financing as part of the project that is underpinned by support from the Queensland Government under its Securing Our Foundations Housing Plan.
'We are thrilled to have been a part of this significant development project, which will allow Mission Australia to build much-needed social and affordable dwellings in Queensland to assist the homeless and help alleviate the housing crisis,' said lead partner Nicholas Adkins.
'This new model of delivery is progressive, in that it allows the private sector and community housing providers to unlock private land, rather than scarce state-owned land, for social and affordable housing. It is excellent to see the private sector, government and not-for-profits working together in such a collaborative way to provide social and affordable dwellings to Australians in need.'
'We congratulate the lenders and all other parties involved in the transaction, including sponsors Mission Australia and Palisade Investment Partners, the Queensland Government and financial adviser Acton Advisory on reaching this important milestone.'
The financing is part of a broader wave of investment from Australian governments in social and affordable housing. Allens has also advised the lenders to other recent government-supported projects and the successful Building Communities consortium on the Ground Lease Model 2 project in Victoria.
