ANZ has granted an $800 million social loan to Opal HealthCare, as the provider welcomes the first six residents to a brand-new aged care home in Western Sydney.
This is a substantial loan facility for Opal, a private operator; the loan is a vote of confidence in Opal’s business, and a first for Australia’s aged care sector.
Social loans are a new market that aims to support economic activity directed at achieving positive social outcomes and assisting vulnerable populations, such as in disability, unemployment, public hospitals and aged care. They are a way for institutions to promote their social credentials.
“This is the first time a social loan has been executed in the aged care sector in Australia and we hope it encourages further capital flows to important essential services within our communities,” said ANZ Executive Director, Sustainable Finance, Emily Tonkin.
The funds will be used to support Opal’s existing aged care services, and to develop new care communities in Carlingford (NSW), Clayfield (Queensland) and Croydon (Victoria).
Opal HealthCare CEO Rachel Argaman (pictured) said, “We are delighted to enter into this social loan which will enable Opal HealthCare to continue to provide much needed, high quality residential aged care services in our existing locations and as we grow in communities where demand for care is high.”
On Tuesday, Opal opened Glenmore Park Care Community (top) in Western Sydney. The home is designed “to look and feel like home”, says Opal Regional General Manager, Ann Knevitt. With single rooms with ensuite, the home has easy access to public pathways around Glenmore Loch.
It has resident kitchens, a pool table, grand piano, adult learning area, libraries, card tables, a putting green, garden sheds, a Wellness Centre and a Memory Care Neighbourhood; it also features “quiet spaces” for residents to spend time with families.
With the loan facility in place, Opal is well placed for expansion.
