NAMA to pay for part of fire-safety repairs at Belmayne
NAMA will pay for a portion of the urgent fire-safety work at the Belmayne housing estate in Dublin, the Irish Independent has learned.
Belmayne in Balgriffin, north Dublin, hit the headlines last week after it emerged that up to a quarter of the 960 houses and apartments in the development could be at serious risk of fire.
Repairs are needed to bring walls and ceilings up to fire-safety standards.
Last night, NAMA confirmed that it is making loans to Stanley Holdings, the developer carrying out the repair work.
Property loans owed by Stanley Holdings' parent company Kitara are already in NAMA.
Kitara was part of the original development teams behind Belmayne and still owns around 80 units in the estate.
The fresh loans from NAMA will only cover repairs at these NAMA- linked properties, a quarter of the total number of homes affected.
It's not yet clear how the balance of the work will be financed but the repair work is already under way.
A spokesman for NAMA said the agency is working with Stanley Holdings and Dublin City Council to co-ordinate work being carried out at the NAMA and non-NAMA properties.
However, the loans from NAMA will not be used to finance repairs at the privately owned homes.
The new loans from NAMA are to be repaid out of rents from properties still owned by the developer.
In a statement, NAMA said: "NAMA continues to very closely monitor the situation and will remain in daily contact with its debtors whilst the emergency remedial works are carried out."
Belmayne is the latest Dublin development to be hit by major safety concerns, after residents at the nearby Priory Hall had to be evacuated late last year.
The situation at Belmayne is understood to be less serious however. Only around a quarter of properties are affected by the sub-standard fire-safety issues and repair work for each of the affected home will take around a week.
All of the repair work is expected to be finished within three months.