Developer Pat Crean’s Marlet Property Group has agreed a €113.6 million refinancing facility with a fund managed by BlackRock, the world’s largest asset manager, for an apartment development in Dundrum.
Marlet is one of Ireland’s largest independently owned property groups, and its portfolio includes major mixed-use developments, build-to-rent apartment schemes, student accommodation, hotels, retail parks and aparthotels.
Green Acre Grange, adjacent to Airfield’s urban farm, is a development of 307 build-to-rent apartments, with a full suite of tenant amenities including a concierge service, gym, cinema room, lounge and meeting rooms as well as play and outdoor recreation areas. Apartments at the development, which have recently come to the rental market, start at €2,150 a month.
Commenting on the deal, Esh Subramanian, a director in BlackRock’s European real estate debt team, said: “The Dublin real estate market continues to offer attractive opportunities for investors that support the development of additional housing units, particularly amid the significant undersupply in the residential market.”
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Green Acre Grange is part of DUBLIV, Marlet’s build-to-rent platform which manages the company’s existing residential portfolio including One Lime Street in Dublin 2, St Clare’s Park in Harold’s Cross, and Walled Garden in Dundrum.
Marlet remains very active in the Irish property market. Last summer it secured a €102 million refinancing facility with Cheyne Capital Real Estate for its Shipping Office scheme, on Sir John Rogerson’s Quay in Dublin’s south docklands, and around the same time it also agreed a €25 million loan from Cardinal, Ireland’s largest provider of alternative investment capital, to fund the construction of a purpose-built student accommodation (PBSA) scheme on Prussia Street, Dublin 7.
It’s currently working on the development of 596 apartments at Grand Canal Harbour in Dublin 8, and 512 apartments at Claremont in Howth village. The Grand Canal development is next to the Guinness Storehouse on the site of the original Grand Canal terminus, and is due to be completed in the first quarter of 2024. The Claremont development is due for completion in 2025.
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