Construction due to commence on ITF Douglas

The loan note transaction closed for Cantor Fitzgerald’s second project with ITF Douglas in recent weeks, with construction due to commence over the coming month.

Cantor Fitzgerald successfully completed a €4.6m loan note fundraise secured against a 10-acre site in Moneygourney, Douglas, Co. Cork. The site will be developed by ITF (Douglas) and will comprise a high specification development of 28 large detached houses. Structure is by way of a Senior Loan Note with funding sourced from Cantor Fitzgerald’s private client base.

The loan note product is for a maximum term of 30 months, with an annual coupon of 9% commencing from April 2017 and has the benefit of first ranking security over the property assets and shares of ITF (Douglas). The loan note provides 76% of the peak funding cost of the project, with the balance being provided by way of an up-front investment of shareholder equity.