Maslow Capital has provided a €17m (£14.4m) developer exit loan to Red Rock Developments. The 12-month facility has refinanced the loan from the original development lender on The Gardens at Elm Park, a residential development on Merrion Road in Dublin.
The development, which achieved practical completion in February 2024, comprises 77 homes. The facility provides finance for the remaining homes, supporting Red Rock as it transitions to the next phase of its sales process.
The deal was originated by Frank Daly, origination director at Maslow Capital, which provides bridging, refurbishment, developer exit and development loans.
Daly said: “We are delighted to reaffirm our strong support for the Irish market with this significant bridging transaction, which underscores Maslow’s commitment to alleviating the undersupply of housing in Ireland.
“We have full confidence in the Irish residential market, and our local team is well positioned to partner with ambitious professionals as they progress their projects. With the ability to provide finance from €300,000 to €300m across our full investment lifecycle offering, Maslow is uniquely equipped to meet the diverse funding needs of developers in Ireland.”
David Carroll, chief investment officer at Red Rock Developments, added: “We are pleased to have secured this bridging facility from Maslow Capital, as we complete the remaining sales at our Merrion Road development while also positioning Red Rock for future growth opportunities. This facility reflects Maslow’s responsiveness and deep understanding of our ambitions, allowing us to maximise the value of our completed development.”
Image from Maslow Capital
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