Cardinal Capital is the leading provider of real estate mezzanine finance dedicated to the Irish market.
In 2015, Cardinal Capital, in a pioneering move, launched Ireland's first and largest real estate mezzanine finance fund in conjunction with WL Ross & Company.
In 2019 Cardinal launched the Cardinal Mezzanine Fund to continue to provide funding solutions in the Irish Real Estate market.
To date Cardinal Capital have successfully invested over €500 million supporting major real estate projects with a gross value of over €1.3bn.
The Real Estate Team comprises experienced professionals who have worked closely with local and international debt providers in providing flexible capital solutions (including whole loans as well as mezzanine loans) for clients. An established local presence ensures quick turnaround times and speed of decision making, ultimately ensuring certainty of execution for all parties.
Investment assets: Financing of income producing assets
Development: Financing of commercial and residential development opportunities
Real Estate Targets
As our track record demonstrates, we can provide debt finance (investment and development) into all sectors of the Irish Real Estate Market including:
Private Rental Sector ('PRS')
Leisure/Hotel
Selected Transactions
To date, typical real estate transactions funded by Cardinal Capital include the refinancing of a portfolio of mixed use real estate assets in conjunction with the original borrower and the refinancing, in conjunction with a senior lender and a significant Irish real estate developer, of a portfolio of complete and part complete residential developments in a prime Dublin location. Further transaction examples include:
Mezzanine debt provided alongside senior debt to refinance one of Dublin's first and largest PRS schemes (372 units) under construction. Cardinal Capital's funding enabled both the refinance of existing debt and development finance to complete the scheme.
Mezzanine loan provided alongside senior debt development facility to refinance a 183 unit multi-family asset in South Dublin and fund construction costs.
Mezzanine finance position taken in a transaction that has delivered almost 1,000 new homes to date.
Whole loan provided as part of wider refinancing transaction that included senior debt providers. Subject assets were c.75 acres of residential zoned lands in South Dublin which have subsequently received full planning permission.
Subject scheme was the first Public – Private- Partnership completed by Dublin City Council since 2005. Cardinal Capital funding facilitated the delivery of 79 social housing units which enabled the borrower to commence development of the wider site which includes over 260 new homes and a large-scale office scheme.
Initial whole loan provided to facilitate the refinancing of an established student accommodation complex in Dublin comprising of 373 beds, in addition to a wider portfolio of mixed-use assets. Senior debt introduced post deal completion.
Cardinal Capital assisted in the acquisition finance of the former AIB HQ site, enabling the borrower to bring the site through the planning process, ultimately securing Facebook as the sole tenant, the largest single office letting in the history of the State.
Participation in the refinancing of a large mixed-use portfolio in Dublin. Initial whole loan provided which reverted to a mezzanine position with the introduction of senior debt post deal completion.
We're committed to helping our investment partners realize their ambitions. So, for help, advice and guidance on investment opportunities, get in touch.
One of our team of real estate finance professionals will be only too happy to help.
Nick Corcoran
Nigel McDermott
Paul Corry
Trevor McDermott
Ben O'Donoghue
Brian McManus
Ciarán Shanahan
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As you consider your real estate investment, you will likely have a number of questions. To give you a helping hand, we have listed some of the queries most frequently raised.
What do you consider when underwriting a transaction?
The experience and track record of the promoter is critical to any deal that we look at. It is imperative that the promoter possesses a clear and demonstrable record of performance in the real estate sector and is willing to put their own equity into the deal. Aside from this, the underlying asset, location, and robustness of the promoter's business plan are key.
What level of Loan to Value ("LTV") will CCG underwrite?
Every deal is different with no set rules as to what we will and will not do, however typically, we will look to underwrite up to a level of 75% LTV. In an income producing deal, a senior lender may be willing to provide anywhere from 50-60% LTV, Cardinal Capital will look at underwriting up to 75% with the residual 25% to be funded by the Promoter.
What is the maximum term length?
Generally, 4 to 5 years but Cardinal Capital is capable of providing longer tenors where required and if compatible with the risk profile of the transaction.
What is maximum deal size range?
Typically, €5m - €50m
Length of time for decisions?
Our Real Estate Team and decision makers are all locally based ensuring a timely decision making process. Once Cardinal Capital has committed to a transaction, our focus is on providing the client with certainty of execution in a timely fashion.
info@cardinalcapitalgroup.com
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