Hines has successfully closed a €23.7m senior term loan from ING’s Real Estate sector team for one of their student accommodation assets, Montrose.
“We are delighted to have successfully executed this sustainable financing, which enables us to offer enhanced banking services for Hines in Ireland.”
Aidan Hore, Managing Director, ING Ireland
The loan refinances the 210 bedroom PBSA scheme located in South Dublin, next to the University College of Dublin. Given the deal’s strong sustainability credentials, the facility has been documented as a green loan.
“We are very pleased to have expanded our strong relationship with Hines into Ireland.
“This transaction represents ING’s first student accommodation financing in Ireland and demonstrates our capabilities to offer bespoke, sustainable financing solutions as we continue to work closely with high quality sponsors in well performing markets across the globe.”
Anushree Srivastav, Director, ING UK Real Estate
Montrose is operated by Aparto – the award-winning in-house student housing operator owned by Hines.
“We are very happy to complete this sustainable refinancing facility for a key asset in our growing student accommodation portfolio.
“Working with a partner of ING’s experience and objectives supports our commitment to delivering high quality and exceptionally managed schemes in this important sector.”
Brian Moran, Senior Managing Director, Hines Real Estate Ireland
Financial institution ING has real estate coverage in over 18 countries, backed by a long track record of expertise.
