Developer Pat Crean’s Marlet Property Group has signed a €25 million financing facility with Cardinal, Ireland’s largest provider of alternative investment capital, to deliver purpose-built student accommodation on Prussia Street, Dublin 7.
The development will comprise 193-bed spaces along with amenities including a lounge, gym, concierge and social room and is expected to be ready for occupation in the third quarter of 2024. The scheme will also feature courtyards providing light and garden space, 120 sheltered bicycle spaces and just three set-down/drop-off car parking spaces.
The scheme, just a short walk from Technical University Dublin’s main campus at Grangegorman, is expected to open for business in advance of the 2024-2025 academic year.
Commenting on the completion of the financing deal, Marlet chief executive Pat Crean said: “I want to thank Cardinal for supporting us on this development, which is a significant milestone for Marlet Property Group as we prepare to deliver our first student accommodation buildings and continue to expand our diverse portfolio.
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“There is a significant need to deliver purpose-built student accommodation given the acute shortage of bed spaces in the Dublin market. We are proud to be able to provide a high-quality option to the many thousands of students who want to reside in close proximity to their chosen campus.”
Paul Corry, managing director at Cardinal, said: “At a time when many developers find funding to be difficult to obtain, Cardinal is delighted to finance Marlet’s quality student accommodation scheme. We are always happy to get behind professional developers with a good track record, and few have proven their ability to deliver excellent developments as consistently as Marlet.”
Since acquiring its first site in 2014, Marlet has grown to become one of Ireland’s largest independently owned property companies. The group now controls and manages property assets valued at more than €2.5 billion for its investors. Its portfolio comprises assets ranging from development sites to completed apartments, office blocks, student accommodation, hotels and retail parks.
Cardinal, established in 2003 by Nigel McDermott and Nick Corcoran, has grown to become Ireland’s largest provider of alternative investment capital, with a specialist focus on mid-market private equity and property finance.
