Maslow Capital has completed a €17m (£13.8m) developer exit loan for Red Rock Developments in Dublin.
The 12-month loan refinanced the original development lender on The Gardens at Elm Park, a residential project located on Merrion Road in Dublin 4.
The development features 77 apartments and achieved practical completion in February 2024.
This facility was provided to support Red Rock as it transitions to selling the remaining units.
The deal was originated by Frank Daly, origination director at Maslow Capital.
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.
Daly added: “With the ability to provide finance from €300,000 to €300 million 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, said: “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.
Carroll added: “Maslow were great to deal with, acting quickly and professionally to structure a solution that met our needs and allowed us to progress without delays.”
