The Riverside Housing Association has reached financial close on Sandwell Housing PFI Project, which is the last initial pathfinder social housing PFI. SMBC, as sole mandated lead arranger, committed £38.9m in senior debt.

The HRA PFI project comprises a DBFO (including refurbishment and new build) for 1,200 residencies in the Millfields and Harvills Hawthorne Estates in the Sandwell area and has been procured by Sandwell Metropolitan Borough Council.

Riverside Housing Association committed equity under the usual 90:10 capital structure. Construction and refurbishment work has been subcontracted to Mansell Construction Services Ltd, while Riverside Housing Association has retained facilities and tenant management obligations.

Operis completed the model audit for SMBC.

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