Castlehaven Finance have agreed to loan a development facility of €65.8 million to Eastwise Group to finance the construction of a large residential development on a key site on Swords Road, Drumcondra, Dublin 9. Eastwise’s Hartfield Place development will provide 374 apartments across 7 blocks, along with commercial space and a childcare facility.
Eastwise purchased the 6.8 acre site for over €30m in 2018. Positioned in a pivotal location on the route between the city centre and Dublin Airport, and close to Dublin City University and Eastpoint Business Park, Hartfield Place is well positioned for a large residential scheme to capitalise on demand in the north of the city.
“It has been a pleasure to work with the Castlehaven team again,” Kieran Gannon from Eastwise Group said. “We are excited to have Castlehaven’s backing to progress the development of this landmark project.”
Castlehaven previously provided funding for Eastwise Group for 118 units at their Rahillion housing development in Donabate, as well as 35 new houses at Daneswell Place in Glasnevin.
Commenting on the deal, Castlehaven partner Will Aylmer said “We are delighted to be working with Eastwise again on such a significant development. Eastwise Group is an existing client and we are confident it will deliver this much-needed new housing to an excellent standard. It has been a challenging few months for the industry and Castlehaven Finance is committed to supporting Ireland’s home builders right now with the fast, flexible and reliable service we know to be critical.”
Castlehaven Finance was founded in 2014 in response to the need for alternative development financing in the Irish marketplace, given the reduction in available bank debt for the sector at that time. Since then, the company has advanced property development and bridging finance to the industry of €855 million and is now one of the top alternative finance lenders in Ireland. Since lockdown restrictions began, Castlehaven have been actively working with developers and have provided 8 new facilities totalling €127.7 million in funding.