The firm advised Barclays, the Co-operative Bank and Santander on the provision of funding for the £71m project, which reached financial close on 30 November 2011.
Oldham Metropolitan Borough Council has entered into a 25 year contract with the Inspiral consortium to provide social tenanted accommodation. The project will regenerate the 'Gateway' neighbourhoods in Oldham comprising, Crossley, Fitton Hill, Westwood and Primrose Bank.
The initial stages of this 25 year project will see the construction of 420 new private and social homes, as well as 15 leasehold properties and associated community facilities. The new and refurbished properties will provide for social tenanted accommodation. The project is also set to deliver improvement to community recreational facilities, parking and other public spaces.
Pinsent Masons was heavily involved on all aspects of the project, including key advice and negotiations on various project issues and lead the deal through to a successful financial close.
The Pinsent Masons team was led by Banking Partner Clare Foster and Projects and Construction Partner Kate Orviss, with team members including Stacey Collins, Joanne Toft, Katherine Moule, Thomas Dyer, Jennifer Gee and James Marshall. The funders' technical advisers were Davis Langdon LLP.
Commenting on the deal, Clare Foster said: "We are delighted to have acted for the banks in the first social housing project to reach financial close following the Government's Value for Money review. This deal underlines our expertise in the PPP sector and we are delighted to have played our part in a project which will undoubtedly bring major benefits to a number of communities".