Wells Fargo has arranged a €80.89 million credit facility to Hines and APG Asset Management for their new Cherrywood Town Centre development project in Dublin, Ireland.
The facility will be used for financing of the first stage of the three-phase Build-to-Rent development for the new Cherrywood Town Centre.
It is planned to deliver in next five years.Wells Fargo’s credit facility will facilitate Hines and APG in delivering the first 384 apartments over the next three years.
“We have a well-established relationship with Hines, and we are delighted to have worked with them and APG by delivering a tailored financing solution that supports this significant development in Dublin,” said Stacey Flor, co-head of Origination for the UK & Ireland Commercial Real Estate team at Wells Fargo.
“We have a long-standing history in Ireland, and we are excited to support the country’s growing Build-to-Rent sector. Furthermore, in line with our strategy, our facility demonstrates Wells Fargo’s continued commitment to the Build-to-Rent sector in both the UK and Ireland.”
Cherrywood is a government-designated Strategic Development Zone project to build a new town in the borough of Dun Laoghaire-Rathdown – comprising more than 7,700 new homes, six schools, shops, cafes, parks, and leisure facilities. It will be supported by an existing light rail system and serve an eventual planned population of 25,000 people. The total development cost for this project is approximately €450 million.