Starz Real Estate (“Starz”) has provided a €26m senior facility to Bartra (the “Sponsor”) to support the refinancing of Niche Living DúnLaoghaire, a co-living property with 204 guest studios, located in Dublin, Ireland.
Niche Living Dún Laoghaire was purpose-built for co-living and opened in Q2 2023. The property features communal kitchens, living rooms and dining space, on each of the seven floors. Residents also benefit from a lounge on the ground floor, co-working spaces & private meeting rooms, a games room, private cinema, and a gym. Residents enjoy both excellent access to the business districts of Dublin via the DART station, situated less than 1-minute walk away, and the quality of life that the coastal town of Dún Laoghaire has to offer. With Gold Standard accreditation, and an EPC rating of A3, the building boasts strong ESG credentials.
The Sponsor is operating the property under the Niche Living brand, which features a team dedicated to the residents’ experience.
Starz’s loan refinanced the construction facility and will support the scheme’s first years of operations.
Niall Doran, Chief Financial Officer at Bartra, said “We are very pleased to work with Starz Real Estate as a lending partner. Their deal execution team, with strong sector knowledge and experience, excelled in the transaction. Dublin is an enterprise beacon attracting highly skilled professionals and we believe our version of the co-living concept delivers a very unique and enjoyable residential experience. This financing enables Bartra to continue to grow its Niche Living offering in Dublin where we have a further two co-living properties under construction at Rathmines and Ballsbridge.”
Alex Bretz, Director at Starz Real Estate, stated “We are delighted to support Bartra with the next phase of their Niche Living co-living strategy. The Dún Laoghaire property provides a turnkey solution to professionals who recently moved to Dublin or plan to stay temporarily, offering stays from 2 – 12 months. The combination of strong demand for Dublin residential products and high quality of the offering designed by Bartra have already contributed to the Niche Living Dún Laoghaire’s success.”
The deal kicks of 2024 on strong footing for Starz, following the launch of its latest venture Starz Orion Capital Ltd, with Mubadala Investment Company, at the end of 2023.
Bartra were advised by McCann FitzGerald and Starz by Wedlake Bell and Byrne Wallace. CBRE provided valuation services.