Carson McDowell Advises Barclays and Danske Bank on £180m Finance Deal with Clanmil Housing Association.
10 April 2014
Practice Area: Banking & Finance
The Banking and Finance Team at Carson McDowell recently advised both Barclays Bank PLC and Danske Bank in relation to loan facilities agreed with Clanmil Housing Association.
The deal, which is one of the largest of its kind in Northern Ireland to date, secured loans to Clanmil of £75m from Danske Bank and £45m from Barclays. Securing the funds also allows Clanmil to access up to £80m in funding from the Department for Social Development (DSD).
The funds will in part be used to fund the development of 1600 new homes by Clanmil, which will be built over the next four years.
Speaking about the deal, Banking and Finance Partner Sinead McGrath said, “We are delighted to have been involved in these transactions which send a very positive message about the future of the social housing sector in Northern Ireland and about the support provided by the two banks involved.”
Sinead acted for Barclays during the negotiations while Partner David McAleese and Associate Graeme McKee advised Danske Bank.
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