Firms: DLA Piper (STREAT)
Deal: STREAT acquired funding for the refurbishment and redevelopment of the Cromwell Manor site in Collingwood.
Value: $6.6 million-plus
Area: pro bono
Key players: DLA Piper finance and projects partner Jane Hider prepared the construction contract alongside solicitor Edward Kus. Corporate partner Dr Gerry Bean and solicitor Asher Seifman worked on structuring and funding while finance and project partner Hugo Thistlewood and solicitor John Flynn advised on financing.
STREAT is a social enterprise that provides homeless and disadvantaged people aged 16 to 25 with a supported pathway into the hospitality industry.
This deal will allow STREAT to embark on the flagship refurbishment and redevelopment of a site in Collingwood, enabling it to scale its operations to be fully self-sustaining from 2016.
The project has been structured to leverage many sources of capital for STREAT, including $2.5 million for property purchase, $1.6 million in local and international donation grant capital, and $2.5 million in loan capital from NAB and SVA, according to a statement from DLA Piper. The project also enables the debt to be bought out by impact investors once the construction is completed.
Ms Hider said DLA Piper was excited to be involved in the award-winning project.
“DLA Piper is a strong believer in the value of creating employment opportunities and fostering economic empowerment in our communities, and it has been a pleasure for our team to contribute to this initiative,” she said.