ING’s Real Estate sector team has successfully closed a €23.7m senior term loan to Hines in Ireland, refinancing one of their purpose-built student accommodation (“PBSA”) assets, Montrose.

The loan refinances Montrose, a high quality, fully stabilised PBSA asset which provides 210 beds and is located excellently 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.

Montrose is operated by Aparto, the award-winning in-house student housing operator owned by Hines.

“We are delighted to have successfully executed this sustainable financing, which enables us to offer enhanced banking services for Hines in Ireland,” said Aidan Hore, Managing Director, ING Ireland, said:.

“This milestone supports ING’s ongoing expansion in the Irish commercial real estate market.”

Anushree Srivastav, Director, ING UK Real Estate, said: “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.”

ING has Real Estate coverage in over 18 countries, backed by a long track record of expertise.

Brian Moran, Senior Managing Director, Hines Real Estate Ireland added, “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.”

Eoin O’Shea, Director, Hines Real Estate Ireland said, “It was great to work with ING as it enters a new market in Ireland, and we look forward to our mutual continued growth across sector classes.”