“We sought out a lending partner that had similar values to our own, a lender that cared about community, that cared about sustainability and that cared about how their investment should support positive change. After meeting with Sefa for the first time, we knew we had finally found a funder that spoke our language.”
John and Sue McKinnon, McKinnon Family Foundation
‘‘Addressing climate change and environmental sustainability is not just about better technology. It is also about changing the way we live together. Nightingale Housing brings all this together: innovative designs that maximise sustainability and rebuild community. We are proud to be involved with such projects.‘‘
Nightingale Housing exists to deliver sustainable housing that celebrates and supports the wellbeing of diverse resilient communities. Established as a catalyst for change, Nightingale’s core mission is founded on triple bottom line housing that embodies environmental, social and financial sustainability.
Nightingale came to Sefa for a construction loan for its pilot project, to complete a multi-residential development that was innovative by design and the way it would deliver and finance housing. As Nightingale 1.0 had 100% presales and a waitlist of buyers for future projects, the syndicate were able to offer a traditional construction loan to a developer who had no proven track record or any financial assets. Nightingale 1.0 had the strength of committed ethical equity investors willing to accept a capped return to reduce development costs.
Sefa acted as the originator and agent of a syndicate from the impact investment sector. The syndicate was made up of Social Ventures Australia (SVA), Christian Super, the Hantomeli Foundation and the McKinnon Family Foundation.
Sefa arranged a mezzanine debt syndicate for Nightingale 2.0, following an introduction to NAB as senior lending partner.
Sefa has arranged a senior debt syndicate for the purchase of land to create the Nightingale Albion Precinct in Brunswick. We're also supporting Nightingale Housing to review options for the Australian version of the community-led Baugruppen housing model, to improve housing affordability even further.
•This is the first 100% fossil-fuel-free residential building in Australia – Nightingale 1.0 has won: National Architecture Awards The David Oppenheim Award for Sustainable Architecture (Nightingale 1), National Architecture Awards The National Award for Residential Architecture – Multiple Housing (Nightingale 1), Premiers Design Awards Best in category Architectural Design - (Nightingale 1).
•A carbon neutral, embedded energy network, extensive solar array and a thermally efficient design reduce ongoing energy costs to 70% below that of traditional higher-density housing. Nightingale 1 achieves a 8.2 rating on the Nationwide House Energy Rating Scheme (NatHERS).
•20 owner-occupier, residential units were allocated to a predominantly first home buyer resident community. These were sold at up to 15% or $100,000 less than comparable current market rates in the area.
•Two of three ground floor commercial tenancies in the building are owned by impact investors and leased to Home.One and Nightingale Housing, both social enterprises.
•Nightingale Housing delivers housing at cost, with a capped 15% return to investors and zero profit on cost. A Nightingale specific caveat provides an ongoing protective pricing mechanism, which removes investor incentives and tethers apartment on-sale prices to the local housing market.
•Nightingale 1 provides a platform for an activated community with shared facilities and a neighbourhood pocket park. Nightingale’s welcoming living environment has proven to be particularly attractive to single, elderly women seeking community and has also encouraged introverted residents to engage with their neighbours.
