Secures €25 Million Financing Facility with Cardinal to Deliver 193 Student Beds
Summary
Marlet Property Group today announced that the company has finalised a 25 million financing facility with Cardinal to deliver a purpose-built student accommodation development in Prussia Street, Dublin 7.The development comprises 193-bed spaces and excellent amenities including a lounge, gym, concierge, and social room. Being located less than a 3-minute walk from DITs Grangegorman campus, Prussia Street will create a welcoming and convenient place for students, and enhance the local area, injecting new life and vitality into the community.Pat Crean Marlet CEO said I want to thank Cardinal for supporting us on this development which is a significant milestone for Marlet Property Group as we prepare to deliver our first student accommodation buildings and continue to expand our diverse portfolio. We are proud to be able to provide a high-quality option to the many thousands of students who want to reside in close proximity to their chosen campus.Paul Corry, Managing Director at Cardinal, said: At a time when many developers find funding to be difficult to obtain, Cardinal is delighted to finance Marlets quality student accommodation scheme. As with all Marlet developments, Prussia Street will deliver on our sustainability credentials with courtyards providing light and garden space, instilling a greater sense of home and intimacy. The hallmarks of its portfolio are quality and diversity with assets ranging from development sites to completed apartments, office blocks, student accommodation, hotels, and retail parks.Established in 2003, Cardinal is Irelands largest provider of alternative investment capital, with a specialist focus on midmarket private equity and realestate finance.