The loan is the largest loan secured by a WA-based community housing developer from the NHFIC
Jackson McDonald has helped with the largest loan secured by a Western Australia-based community housing developer from the National Housing Finance and Investment Corporation (NHFIC).
The firm advised Foundation Housing, WA’s largest not-for-profit community housing provider, secure a $35m loan from NHFIC. The 10½-year low-interest loan allows Foundation Housing to refinance its debt facility, allowing the company to consider long-term housing projects. The loan is expected to save the social housing provider about $7m in interest payments.
The Jackson McDonald team was headed by banking and finance partner Hilary Hunt, who said that the firm has a long history of supporting the community housing sector.
“Thanks to NHFIC’s funding, it is my hope that Foundation Housing is the first of many CHPs to be able to further improve housing outcomes for Western Australians in need,” she said.
Chris Smith, Foundation Housing chief executive, said that the funding from the NHFIC is “fantastic for the sector” and for the not-for-profit because it enables growth at a time when there is limited opportunity. He also thanked the Department of Communities for their support.
“The more favourable lending conditions will create additional cash flows that will enable us to take forward a number of identified development projects,” Smith said.
