Donal Mulryan, the brother of developer Sean Mulryan, is set to benefit from the sale of his loans by NAMA to US bank Morgan Stanley.
Mr Mulryan is expected to be paid a management fee to develop the assets in future, although he was not available to comment yesterday on arrangements he may come to with the bank.
Mr Mulryan looks set to be asked to manage the loans and the assets behind them by Morgan Stanley's Real Estate fund in a deal that is close to completion.
NAMA has a rule that no developer who previously owned a set of assets can subsequently bid for them.
It is understood Mr Mulryan, who runs West Properties, isn't bidding or putting any equity into the deal, but is to get a management fee to handle the assets on behalf of Morgan Stanley.
'Property Week' magazine said yesterday that Mr Mulryan would manage a portfolio known as Saturn, which consists of loans to projects throughout the UK, but mainly in the north of England.
NAMA yesterday declined to comment on Mr Mulryan's links to the loans or how the arrangement with Morgan Stanley would work. But it is understood the type of deal being sealed with Morgan Stanley is set to become common for NAMA properties in the UK.
The Irish Independent left a message at Mr Mulryan's office in the UK yesterday, but he could not be reached to discuss how the transaction with Morgan Stanley would work.
The deal is understood to have no connections with his older brother Sean, the main shareholder in the Ballymore Group, the largest debtor in NAMA.
Donal Mulryan previously worked with Ballymore as head of construction and design, but left the company to go out on his own in 2002. His projects include a large number of apartments, but he also has a large number of mixed-use developments.
At the height of the boom in 2007 Mr Mulryan estimated his properties in Manchester were worth £1bn (€1.16bn). He is believed to have put a large amount of his own money into the company in the form of ordinary equity.
'Property Week' yesterday estimated the Saturn portfolio linked to Mr Mulryan comes to £216m (€252m) in value, but the purchase price may be as low as £65m, a discount of 70pc.
NAMA -- as is now its traditional practice -- refused to comment on what it paid for the Mulryan loans originally. But other sources agreed they have taken a severe discount on them.
A spokesman for Morgan Stanley declined to comment.
A source close to the deal confirmed, however, that an offer has been made for the NAMA loans and the global bank is working closely with Mr Mulryan.
Also, a group of loans held by Gerry Gannon in the UK is also up for sale with several interested parties.
Meanwhile, the Jurys Inn group, which has hotels in the UK and Ireland, may be sold by its chief banker, Royal Bank of Scotland, reports suggest. The chain was once owned by developer Derek Quinlan.