McKillen jnr backers lend €80m into Ireland in first six months of 2019

GreenOak’s Crampton drives business with loans to Oakmount and Avestus arm

GreenOak provided BAM with a €19.6m loan for the development of the Counting House in Cork city.

GreenOak provided BAM with a €19.6m loan for the development of the Counting House in Cork city.

 

London-headquartered real estate specialist lender GreenOak continues to grow its presence in Ireland with more than €80 million in lending completed here in the first six months of this year.

Since entering the Irish market in 2017, the company has provided a total of €185 million in funding for high-profile schemes in Dublin, Cork and Galway.

Developer Paddy McKillen jnr’s Oakmount has arguably been its most prominent Irish client to date, having drawn down six loans from the lender within the past two years for its various projects.

Dean Hotel

The most recent of those facilities saw GreenOak providing a multi-million euro construction loan to Oakmount to finance the development of its new Dean Hotel in Galway.

In 2017, the company extended €19 million to support Oakmount’s €30 million purchase of a 9.7-acre site formerly owned by the Daughters of Charity of St Vincent de Paul at Temple Road in Blackrock, Co Dublin.

Three weeks ago, McKillen secured the green light from An Bord Pleanála to proceed with a plan to deliver a total of 291 apartments on the site.

The scheme will be complemented by the inclusion of a new creche facility, a residents’ clubhouse and a woodland park area.

Meanwhile, Oakmount’s ongoing development of the 98-bedroom Mayson Hotel at North Wall Quay in the Dublin docklands is being supported by a €15.8 million loan it secured from GreenOak in 2017.

Quite apart from the development finance it provides to McKillen’s business, the lender has given its backing to both Avestus and to BAM.

In the case of Avestus Capital Partners’ residential arm, Richmond Homes, it recently provided a bridging loan to finance the company’s acquisition of Sandyford Central, a 3.8-acre site with planning for 459 residential units.

Elsewhere in the capital, GreenOak has financed sites for Richmond Homes in Foxrock, Ballsbridge, Blackrock and Malahide within the last 12 months.

Cork site

GreenOak’s support for BAM saw it provide finance for the development of the Counting House at the former Beamish & Crawford brewery site in Cork city.

Upon completion, the mixed-use scheme will comprise 70,000sq ft of office space and 20,000sq ft of retail, hospitality and cultural heritage space.

GreenOak’s Irish lending business is being spearheaded by its Dublin-born vice-president, Allen Crampton.

Crampton, whose family runs the renowned Dublin construction company G&T Crampton, joined GreenOak from Tishman Speyer in 2015 to focus on Irish origination.