Sunday 22 September 2019

Castlehaven backs McNamara's return to housebuilding

Developer Bernard McNamara
Developer Bernard McNamara
John Mulligan

John Mulligan

Dublin-based Castlehaven Finance has helped bankroll Bernard McNamara's return to residential development in Ireland.

Mr McNamara's Roxtip firm is currently building homes in Donabate, north County Dublin.

The company recently secured finance from Castlehaven, which was founded in 2014 by former AIB and Anglo Irish Bank executive Clark McCann.

Castlehaven has provided tens of millions of euro in finance to a number of small-scale projects around Dublin, such as Blackberry Hill in Carrickmines, which was developed by Northern Ireland businessmen Sean and Gerald McGreevy.

Castlehaven also financed the development of five €1m-plus homes in Sutton, north Dublin, by Wexford-based A-Therm Construction.

Roxtip, which is wholly owned by Mr McNamara, is currently building a scheme of 36 houses in Donabate.

The directors of Roxtip are Mr McNamara and his sister-in-law, Cepta Ryan.

Roxtip acquired a one hectare site in Donabate early in 2016. It's understood that the site cost about €1.6m.

McNamara led a group of investors in the €140m acquisition of Dublin's Shelbourne Hotel in 2004.

They spent another €90m refurbishing and extending the landmark property. Loans attached to the property were sold to US investment firm Kennedy Wilson in 2014.

Mr McNamara also spearheaded the consortium that paid €288m for the Burlington Hotel in Dublin's Ballsbridge, and he was involved in the group that paid €412m for the Irish Glass bottle site in Ringsend in 2006.

Mr McNamara went bankrupt in the UK in 2012, with debts of €1.2bn. He exited bankruptcy in 2014. Roxtip has also received finance via Isle of Man-based Eclipse International, which acted as a security trustee for funding advanced to Mr McNamara's company.

Meanwhile, newly-listed Irish house builder Glenveagh Properties has completed the purchase of 11 sites in Dublin, Cork, Wicklow, Kildare and Limerick that will support the construction of up to 1,319 homes.

Irish Independent

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