Kennedy Wilson and its equity partner have refinanced the existing construction loan on phase two of Clancy Quay, an 845-unit housing development in Dublin, Ireland.
The new €45m (£39.9m) loan carries a fixed-rate of 2.03% maturing in 2025, generating €7m in cash proceeds. Construction of phase two of Clancy Quay was completed in summer 2017 and it is expected to be stabilised by Q1 2018.
“We are pleased to obtain favourable fixed-rate financing following the completion and active lease up of phase two at Clancy Quay,” said Mary Ricks, president and chief executive of Kennedy Wilson Europe. “With over 230 basis points in cost savings, the new loan will enable us to maximise property cash flow as we work to complete the largest apartment community in Ireland. Kennedy Wilson’s multifamily portfolio now includes 2,000 units in Ireland and we remain committed to investing and growing that portfolio for the long-term.”
Acquired by Kennedy Wilson in 2013, Clancy Quay consists of three phases. The first phase is comprised of 423 fully furnished units and phase two includes an additional 163 new flats, townhouses and courtyard houses.
Kennedy Wilson has secured planning approval for the project’s 2.8-acre phase three that will consist of 259 new units expected to be complete in 2020. Thirteen of the units in phase three are currently under construction and will be available in Q1 2018. Once all phases are complete in 2020, Clancy Quay will be the largest apartment community in Ireland, with 845 homes.
Residents of Clancy Quay have exclusive access to amenities including a gym, cinema room, games room and chef-style kitchen for events.
To send feedback, e-mail Louisa.Clarence-Smith@egi.co.uk or tweet @LouisaClarence or @estatesgazette
