Starz Real Estate (“Starz”) has provided a €21.5m senior facility to Bartra (the “Sponsor”) to support the refinancing of Niche Living Rathmines, a co-living property with 98 guest studios, located in Dublin, Ireland. This is the second collaboration between Starz and Bartra in Dublin, following the €26m financing of Niche Living Dún Laoghaire in February 2024.
Niche Living Rathmines was purpose-built for co-living and opened in July 2024. The property features communal kitchens, living rooms and dining space. Residents also benefit from a members lounge on the ground floor, available for co-working & private meetings, a games room, private cinema, and a gym. The building is located in Rathmines, just south of the Grand Canal, within walking distance of several large companies’ offices. Dublin City centre can be reached within a 15 minute walk, 10 minutes by bus or 5 minutes by bike. With LEED 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. Since its launch in April 2023, Niche Living has shown a strong let-up trajectory, underscoring the strong demand for co-living in the Dublin market.
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: Having successfully worked with the Starz team a year earlier, the decision timeframe to choose a financing partner did not take long and the deal exexcution timeframe was even shorter. The success of Niche Living is driven by continued Irish economic growth as well as delivering the right blend of product, flexibility and service offering for our target market. Bartra will launch it’s third Niche Living property in Q3 of this year at Ballsbridge, Dublin 4 and are exploring other opportunities to grow the brand further.
Limor Shilo, Head of Origination at Starz Real Estate, stated: We are pleased to provide a second facility to Bartra to support the expansion of their co-living offering. We saw first-hand how the Dún Laoghaire property experienced growing demand and how the Niche Living studios met residents’ high expectations.
Bartra were advised by DAC Beachcroft and Starz by Wedlake Bell and Byrne Wallace. Colliers provided valuation services.
About Starz Real Estate:
Launched in July 2018, Starz is a commercial real estate lender focused on middle-market loans throughout Europe. With a balance sheet built for the long haul, Starz is a flexible and reliable source of capital for real estate investors. Starz provides collaborative lending solutions coupled with streamlined underwriting processes that ensures seamless service.
About Bartra:
Bartra is a privately owned international property company, headquartered in Dublin. Bartra are focused on the delivery and operation of high-quality property solutions across all sectors, including social and private housing, commercial real estate, nursing homes, and co-living. The Dublin team, comprising 35 multi-disciplinary experts, handles €2 billion worth of property developments. The team expertise extends to the operational skills required to operate nursing homes, social housing, and co-living.
For more information, please visit: https://bartra.ie/