The land lease community developer has executed contracts with Commonwealth Bank, NAB and HSBC Bank to secure new, longer-term debt facilities to repay existing debt and fund the development of two new projects.
They previously had their debt with Westpac.
Lifestyle Communities (LC) has said it will initially draw down $120 million to fund the settlement of sites it has contracted to buy at Kaduna Park (in Melbourne’s south east) and Wollert (in Melbourne’s far northern suburbs).
The new debt facilities comprise a $60 million tranche with a maturity of three years and a $165 million tranche with a maturity of five years.
LC Managing Director, James Kelly (pictured), said that capital management initiatives are an ongoing priority for the organisation as it aims to continue sustainable growth by acquiring at least two new sites every 12 months.
The company’s net profit jumped 21 percent over the six months to December 2018 – it had also settled 2,133 homes in its 17 Victorian communities by the end of the year.