Cullaun Capital has supported a diverse range of development projects
by geography and sector
Acquisition and Development Finance for 20 apartments in Foxrock, Dublin 18
Cullaun Capital has provided funding for the development of 20 apartment units at Pine Avenue, Foxrock, Dublin 18. Made up of sixteen substantial two bed apartments and four duplexes, the finished building will have ample undercroft parking, additional storage and bicycle parking. The apartments are expected to be available for sale in Spring 2020. The borrower confirmed his appreciation for the focus and energy Cullaun showed while driving the lending process to a successful conclusion despite some unexpected issues along the way.
Daire McCarthy, Head of Origination commented “We were delighted to support a seasoned developer with his goal of delivering a high quality apartments scheme in the Foxrock area. This will help to meet the demand for a product which been underserved for many years.”
Development Finance for a 221 Bed Nursing Home in Beaumont, Dublin 9.
Cullaun Capital has partnered with Bartra Capital to provide funding to support the construction of the Beaumont Nursing Home. At 221 beds, Beaumont will be the largest in Ireland. It is in very close proximity to the Beaumont Hospital and will additionally provide a dedicated unit for rehabilitation care for brain injury and other neurological conditions.
Stephen Bell, CEO noted “There are thousands of nursing home beds required over the coming years. We were delighted to work with Bartra Capital and their specialist Nursing Home team who have identified the need to address this shortage. We believe this also extends to other parts of Ireland, particularly Cork. As population demographics continue to change, the need for high quality nursing homes is becoming increasingly apparent. Developers with the specialist knowledge required to build these facilities need access to finance and as a multi-asset class lender we were proud to be able to provide it”.
Development Finance for a 118 Bed Nursing Home in Northwood, Dublin 9
Cullaun Capital partnered with Bartra Capital to support the construction of the Northwood Nursing Home. Northwood is a 118-bed facility and will be a state of the art and are future proofed for regulatory compliance. It will provide the care services to include residential, dementia (including Alzheimer’s), respite, convalescence and day care.
Stephen Bell, CEO commented “It was great to work with a borrower with such a clear view on what needs to be done and which had a really well thought through business plan for the next few years”.
Acquisition Finance for a proposed mixed-use scheme of 230 Residential Units and Retail in Dublin 12
Cullaun Capital funded the acquisition of several parcels of brownfield land in Dublin 12. Planning permission for over 200 residential units and a retail space is being sought on the resulting site. The development will provide accommodation within 15 minutes of the Centre of Dublin via the LUAS. It will also be less than 2km from the new National Children’s Hospital currently under construction at St James Hospital.
Noel Ross, Head of Portfolio Management said “It’s great to play a part in a project like this. It will revitalize a site with buildings that have been empty for over a decade. The resulting development will provide much needed homes for the area. With only a 15 minute journey by LUAS into the centre of Dublin and the new Children’s Hospital opening nearby it will provide much needed accommodation and retail facilities.”
Acquisition and Development Finance for 25 Houses in Watergrasshill, Co. Cork
Cullaun Capital funded the development of an initial phase of 25 houses in Watergrasshill, Co. Cork. Located in a commuter town 20 minutes North of the City Centre, the development will consists of 5-beds, 4-beds and 3 bedroom detached and other semi – detached houses. The development is proving popular already with many of the units already subject to booking deposits.
Noel Ross, Head of Portfolio Management commented “We are delighted to be providing funding to this project which will be the first of many deals for us in the Cork area. There is an urgent need for all types of accommodation at affordable price levels as Cork expands as part of Ireland 2040 planning. We are excited about opportunities in the area and expect development finance across various asset classes in Cork and Munster generally will be a significant component of our business in the years ahead.”
Land Acquisition Finance for 8.9 acres in Co. Galway
Cullaun Capital funded the acquisition of a 8.9 acre site zoned residential site in Galway. The land is zoned and has access to all services and planning permission is being sought for the construction of 150 much needed homes.
Stephen Bell, CEO said “We were delighted to work with an experienced borrower in Galway and to have the opportunity to close a deal which was subject to a 28 day notice. The team work between Cullaun Capital, the borrower and our respective third party advisers was first class.”
Acquisition and Refurbishment Finance for a 19 Unit Apartment Block in Montpellier Hill, Dublin 7
Cullaun Capital provided funding to enable the purchase and refurbishment of a 19 unit apartment building in Montpelier Hill, Dublin. The promoters will complete the building to the current requirements of the Government Department of Housing.
Financing of Now Refurbished Social Housing Scheme of 14 units in Co. Waterford.
This scheme was funded in conjunction with the above above and below projects.
Financing of Now Refurbished Social Housing Scheme of 18 units in Kildare Town
Noel Ross, Head of Portfolio Management commented “The lack of social housing accommodation is an issue nationwide. Cullaun is committed to engage with developers to assist Local councils and other Approved Housing Bodies in tackling this shortage.”
Site and Development Finance for 8 large Terraced Houses in Foxrock Village.
Cullaun Capital is funding the build out of 8 large terraced houses at the corner of Torquay and Westminster Roads in Foxrock with completion set for the second half of 2020. These units will be finished to a very high standard including elevators. Construction will commence in July 2019.
Noel Ross, Head of Portfolio Management commented “We are backing a developer who knows the area very well and has a track record in delivering a high spec standard of finish, which is essential on houses that seek to achieve a premium price. The contractor is renowned internationally and is undertaking one of their first projects in Ireland.”
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