Lend Lease closes on US$ 377 million US Army housing projects

By Richard High29 September 2010

Lend Lease subsidiary Actus Lend Lease and the US Department of the Army have reached financial close on the North Haven Communities project in Alaska, US.

North Haven Communities project involves the development of family housing at two Army installations, Fort Wainwright and Fort Greely.

It includes the development, construction, renovation and management of 1815 homes over 50 years.

The initial development budget of US$ 377 million (AU$ 389 million) spread over the first seven years of the project will see Actus Lend Lease provide 414 new homes and 169 renovations at Fort Wainwright and Fort Greely.

The homes at North Haven Communities are designed to be energy efficient and sustainable and will be constructed to EnergyStar requirements, meet LEED Silver standards, utilise energy efficient compact fluorescent lighting and have insulation values that exceed building and energy code requirements.

Commenting of the closure, Steve McCann, group CEO and managing director for Lend Lease, said, "We are excited to achieve financial close of North Haven Communities which further underpins the outlook for our military housing business."

We look forward to continuing to work closely with our partner, the Department of Defense, to bring quality homes and neighbourhoods to service members and their families stationed at Fort Wainwright and Fort Greely."

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