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Ireland: Real estate finance provider Maslow Capital has completed a €54.2 million development facility for a 235-key property in The Liberties, Dublin 8.
The borrower, a joint venture between SCIO Capital and Mm Capital, has agreed a long-term lease agreement with The Ascott Limited to operate the property under the lyf brand.
The eight-storey property on Fumbally Lane will comprise a mix of standard rooms and studio units with kitchenettes, alongside ground-floor amenities including café, lounge and coworking facilities.
The transaction was structured by Maslow Capital’s lending solutions division, which works alongside the lender’s bridging and development teams.
Frank Daly, senior director, origination (Ireland) at Maslow Capital, said: “It has been a pleasure working with MM Capital and SCIO Capital on this transaction. They brought a well-defined vision for the project, and we were able to structure a bespoke financing package that reflected the specific requirements of the scheme. Dublin’s hotel market continues to benefit from strong visitor demand and limited new supply, and The Liberties is an increasingly attractive location for quality hospitality development.”
Aron Connolly, director, lending solutions at Maslow Capital, added: “What made this transaction well suited for our lending solutions product was the combination of a distinctive concept, strong delivery team and an excellent operator. Our role was to understand the borrower’s business plan and structure a facility around it., rather than fitting the project to a standard template.”
Jason Harris, chief risk officer at SCIO Capital, said: “We are grateful for the hard work and support of the Maslow team throughout the process. It was great to get this facility over the line with an experienced funding partner, and we look forward to working together on this exciting project.”
Highlights:
- Maslow Capital has arranged a €54.2 million loan to fund a 235-key lyf-branded hospitality development in Dublin.
- The borrower is a partnership between SCIO Capital and Mm Capital.
- The scheme will include studio units with kitchenettes plus social spaces such as a café, lounge and coworking areas.
- The deal was delivered through Maslow Capital’s lending solutions platform.
