Ardcairn Capital
Residential Development Finance in Ireland
Ardcairn Capital partnered with an experienced developer to facilitate the development of 40 social homes in Cork City.
These homes comprise a mix of 1, 2 and 3 bed units across 4 blocks.
“Both the developer and us are very happy with the speed that Ardcairn Capital transacted at, and how smooth the process was” – The developer’s advisor, Beacon Capital.
Funded September 2022
Development of 25, A-Rated, 3 & 4 bedroom homes in Kinsale, Co. Cork. Located by the sea, Kinsale is situated c.27 km south of Cork city centre.
Kinsale is picturesque and benefits from a wide range of local amenities including numerous boutique shops, primary and secondary schools, restaurants and bars and a number of sporting facilities catering for GAA, football, rowing rugby, hockey and golf.
“Ardcairn Capital worked proactively with us to make the deal happen quickly, addressing all the typical issues that a developer expects to encounter with speed and without any fuss” – The project developers, Mark & Noel.
Funded June 2022
An exclusive development of 20 high-quality, family homes featuring 3 & 4 bedroom detached and semi-detached houses in Ratoath, Co. Meath. Units developed by Stanley Residential who have a proven record of delivering quality homes such as Green Lane Manor, Peyton and Croftwell in Rathcoole, Co. Dublin & Grangemore Manor in Kildare.
“Ardcairn Capital have partnered with us on this scheme of 20 luxury family homes in Ratoath and we are extremely happy with their speed and professionalism. Funds were delivered within a tight timeframe and we look forward to working with them on future projects.” – The project developers, Gareth & Colin.
Funded April 2022
Development of 58 apartments over 3 blocks in Wicklow delivered by a local developer for a social housing provider. This scheme will provide much needed housing in Ireland.
“We are delighted to have successfully closed this social housing development of 58 apartments with Ardcairn Capital as our development funder. The site closing was completed within a tight timescale with Ardcairn and we look forward to working with them on this project” – The project developers, Ben & Matt.
Funded December 2021
Ardcairn Capital, a new development finance lender, has partnered with M&G Investments to help small and medium sized residential developers deliver housing projects across Ireland. The new platform is supported by M&G’s £5 billion Catalyst fund, which invests in private companies tackling environmental and social issues such as Ireland’s housing crisis, on behalf of Prudential policyholders and customers.
Ardcairn Capital aims to deploy significant capital to help developers bring new and existing residential projects, including social housing, to completion. The new lender is entering the market with competitive financing of up to 90% of overall project costs for developers who have a track record of delivering quality.
Ardcairn will consider all sizes of housing developments, whether social housing, traditional houses or apartments for private sale, with a loan requirement of €2 million upwards.
Alex Seddon, Head of Catalyst at M&G, said “Creating more, good quality, homes is a priority for most societies around the world, and also a priority for our Catalyst fund, which is channelling investment to help make this happen. We welcome this opportunity to partner with Ardcairn Capital to help overcome some of the barriers that smaller developers face in delivering residential and social housing.”
Daire McCarthy, Co-Founder and CEO of Ardcairn Capital, said “Ireland continues to experience a significant shortage in housing stock – particularly affordable and social housing. Momentum in construction was halted as Ireland was hit by Covid 19. Our ability to recover has also been impacted by the exodus of skilled workers to other countries post 2008, and those seeking economic opportunities abroad. However, we are starting to see this space recover gradually, but not enough to meet the reported 50,000 homes required per annum, and the investment it takes to reach this target.
“We are therefore delighted to partner with M&G and are excited about the potential of the development finance space in Ireland, which is brimming with compelling opportunities for small to medium sized homebuilders, who continue to be overlooked and under serviced in the market. “Our evolving, fast-paced society – accompanied by changes in demographics, preferences and regulation – is having a profound effect on how we live and commute. We need to be creative, and talk about more options for accommodation than we have done in the past – placing affordability at the centre of these conversations.”
Click Here to Call Us
He has 18 years’ experience in banking and finance and spent the early part of his career with Bank of Ireland and Investec, before becoming an equity fundraiser for development projects of all sizes; and so has experience of funding residential development projects across the full capital stack. Immediately prior to co-founding Cullaun Capital, Daire was Head of Structured Finance for a specialised residential development lender in the UK, where he delivered tailored funding solutions for high quality residential developers in the UK. He also previously worked in a finance role within a residential development company.