Quintain Ireland has received a finance extension for Adamstown.
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Activate Capital, a lender backed by the Irish state and a U.S. private equity firm, has extended residential developer Quintain Ireland’s development finance facility to over €135M.
The move represents an extension of Quintain’s committed financing facilities with Activate Capital, which started with an initial €100M debt package in November 2020, React News reported. At the time this was Activate Capital’s largest deal.
The latest transaction supports the construction of 227 homes for owner/occupiers after Quintain received planning permission for the next phase of its Aderrig development in Adamstown in April.
The 12-acre site will include 95 three-bed houses, 28 four-bed houses, and 104 two- and three-bed duplexes as well as landscaped communal areas and a central pocket park.
The site has a gross development value of more than €90M and construction is now underway, with completion expected in summer 2023.
Quintain has also started work on 184 apartments called The Sidings at Adamstown, while the Crossings, which consists of 279 apartments plus a Tesco and Aldi supermarket, is due to open in Q4 this year.
The developments mark further progress in Quintain’s plans for Adamstown, where the developer and its affiliates have already completed more than 1,000 homes. In total, Quintain has about 1,500 homes under construction or due to commence this year in Adamstown.
Quintain Ireland’s wider land portfolio covers 460 acres across Adamstown, Clonburris, Portmarnock and Cherrywood, making Quintain one of the largest residential developers in the country.
Activate Capital is a specialist alternative lender of development finance in Ireland and was established in 2015 in partnership with Ireland’s Sovereign Investment Fund and global investment firm KKR.
To date it has committed more than €1.2B in investment across 62 sites, which will deliver up to 15,000 homes.
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