Pre-opening | Property Bridges opens another tranche for the thirteen social housing apartments on Killeen Road

15/10/2026 – ⏱ 3 min

This article is for informational purposes only and does not constitute investment advice or a recommendation of any kind.

Property Bridges is preparing a new tranche of the €4,164,780 development facility for thirteen apartments on Killeen Road, between Ballyfermot and Bluebell (Dublin), which will be sold in their entirety to a social housing body. The borrower is Marcton Killeen.

The term is 15 months, with a minimum of six, and the annual interest rate is 8%, half a point above the 7.5% at which this facility opened in July; that return is subject to the risk of the investment and is not guaranteed. There is no opening date, minimum investment or rating. The September tranche, the last one we covered, raised €131,611.

Asset description, construction progress and sales traction

The site covers 0.2 acres and has valid planning permission —ABP 309534-21— for thirteen apartments, ten one-bedroom and three two-bedroom, over five floors and all with an A energy rating. It is next to the Grand Canal crossing, with access to the M50.

The construction update reports the first-floor slab and walls as complete, puts the second-floor walls as under way and expects work on the third floor to start in four weeks. The analysis text in the same document, however, still says that the site is being cleared and that foundation works have just begun, and repeats this in the key points. It is the platform's third fact sheet this week that mixes a construction update with an analysis that has not been updated. In September, construction was at the ground-floor slabs.

Financial structure, coverage ratios and security

The borrower bought the land with its own funds and the valuer puts it at €850,000. The facility covers 100% of the construction costs, estimated at €3,832,447, and the €332,333 remaining up to the €4,164,780 is interest and fees. The developer's entire contribution is therefore the land: 18% of the total cost.

The gross development value is €6,205,000, about €477,308 per apartment, and is calculated on the sale of all thirteen to the social housing body; that sale does not appear as contracted in the file. The fact sheet also publishes a ratio of 84.1% whose label is illegible in its Spanish version and which does not square with its own figures: the facility over the total cost —construction plus land— is 88.9%, and over the gross development value, 67.1%. Another row of the same table refers to a net value “for 21 houses” of €5,467,180 in a project of thirteen apartments: the figure corresponds to deducting Irish VAT of 13.5% from that €6,205,000, but the label does not. The security is a first fixed charge over the property and a 10% cost-overrun guarantee, about €383,000. This is the developer's second loan with the platform: the previous one financed five apartments on Prussia Street, also sold to a social housing body, and was repaid as planned.

Non-sophisticated investors have a four-calendar-day pre-contractual reflection period to revoke their offer without penalty. This is crowdfunding, not a deposit or a guaranteed savings product: it carries a risk of illiquidity and of total or partial loss of the principal, it is not supervised by the CNMV or the Bank of Spain and it is not covered by Directives 2014/49/EU and 97/9/EC. Investors may not recover the capital they contribute.

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