Elgin Property Finance has partnered with Pollen Street Capital to fund up to €300m of Irish development loans over the next three to five years.
The newly created partnership will provide debt finance primarily for housing projects as well as other “bed-led” assets such as care homes, student accommodation, and hotels.
The lending partnership has already provided €6m to a housing scheme in Munster.
Elgin said it has a pipeline of deals across Ireland and has agreed terms on schemes that will deliver over 150 affordable housing units in Kildare, Galway and Limerick.
Elgin, which is part of real estate firm Mm Capital, also said Paul O’Sullivan has joined the business as a director to head up the underwriting and operations.
Domhnall Gaffney, director at Elgin, said: “We are delighted to partner with Pollen Street, which has a proven track record in deploying meaningful development finance capital in the UK and Ireland over the last number of years.
“With its specialist expertise and significant capital backing we are aiming to lend €300m over the next three to five years.”
James Bevans, investment director at Pollen Street Capital, said: “Pollen Street Capital’s real estate strategy is built around our relationships with expert lenders, who have an established track record and deep expertise in their market.
“We are therefore delighted to announce a new partnership with Mm Capital and Elgin Property Finance.”
Ben Jackson, investment manager at Pollen Street Capital, said: “In markets with a shortage of affordable new homes and which are increasingly underserved by mainstream financiers, our strategy focuses on bridging and development funding through selective partnerships with real estate lending platforms such as Elgin Property Finance.
“This new partnership Elgin Property Finance is aligned with our strategy and our ambition to support the development of much needed new homes in Ireland.”
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