Marlet

Private Residential Development

Objective

Mandated by the Client to source and secure €11.25m in debt funding to part-fund the development of a 95-unit apartment scheme in Cork.

Challenges

Familiarising both institutional investors and private clients with the development risks, exit strategy and funding model. Structuring the deal such that it minimized overall cost and exposure to the Client, while providing sufficient return to investors relative to the risks entailed in the project.

Process

IM prepared. Cantor appointed QS Project Monitor and Valuer engaged with initial and on-going assessment of the investment. Both Institutional investors and Private   Retail Clients were identified through the Cantor distribution network, with funding ultimately secured from each. Investor teach-ins to assist with familiarisation with the underlying development risk and exit strategy.

Outcome

Secured €11.25m of Loan Note capital. Investors subscribed for loan notes issued by the Client Company, the term of the Loan Note being 3 years. Loan Note fully redeemed in Q4 2022 through exit sale of completed asset.