Monday 17 December 2018

McKillen Jr backers to lend €100m into Ireland in 2018

An artist’s impression of the luxury homes Paddy McKillen Jr is proposing for Oakmount’s site in Blackrock in Dublin.
An artist’s impression of the luxury homes Paddy McKillen Jr is proposing for Oakmount’s site in Blackrock in Dublin.

Ronald Quinlan, Commercial Property Editor

The London-headquartered real estate specialist lender GreenOak is aiming to deploy upwards of €100m in the Irish property market this year.

The company's drive to increase its Irish business comes off the back of a busy 2017, with €63.2m in lending across six transactions in Dublin.

GreenOak's investments in the capital last year ranged across the office, retail, hospitality and residential sectors.

The most notable of these saw the company support the acquisition by developer Paddy McKillen Jr's company, Oakmount, of a prime residential lands in south Dublin and its development of a new hotel on North Wall Quay in the city's booming docklands.

In the first instance, Greenoak provided a loan of €19m to facilitate McKillen's €30m purchase of a 9.7-acre site formerly owned by the Daughters of Charity of St Vincent de Paul at Temple Road in Blackrock.

Situated just 350m from Blackrock village, the lands have the potential for more than 231,500 sq m of development consisting of 252 residential units and a childcare facility, according to a study prepared in advance of the sale by O'Mahoney Pike architects,

Allen Crampton, who works for real estate specialist GreenOak
Allen Crampton, who works for real estate specialist GreenOak

McKillen's development of a new hotel at North Wall Quay in the Dublin docklands meanwhile is being supported by an €15.8m loan from GreenOak.

Located next to both Dublin Landings, the 1,000,000sq ft mixed-use development under construction by developer Sean Mulryan's Ballymore Properties, and the Central Bank's new HQ, the new hotel will, upon completion, consist of 60 bedrooms, a rooftop bar and restaurant, ground floor bar and restaurant, coffee shop and terrace area.

Commenting on his company's plans for 2018, GreenOak partner and lead lender Jim Blakemore said: "We are very excited about expanding our debt strategy into Ireland and believe Irish real estate will continue to provide interesting financing opportunities for GreenOak."

Dublin-born Allen Crampton, whose family run G&T Crampton, will focus on Irish origination for GreenOak.

Crampton joined the firm from Tishman Speyer in 2015.

Sunday Independent

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