Dublin-based property developer Park Developments is set to ramp up its residential construction pipeline following a substantial increase in debt funding from AIB and Bank of Ireland. The two lenders have jointly expanded their financial support as part of a refinancing deal announced on 6 March 2026, enabling the firm to push forward with over 800 homes already under construction in the greater Dublin region and several more schemes advancing through planning stages.
The refreshed four-year facilities, split equally between the banks with an option for a one-year extension, will also back affordable apartment projects under the government’s Croí Cónaithe Scheme.
In recognition of the developer’s strong environmental focus, the entire package has been designated as green loans.
This classification underscores Park Developments’ dedication to building homes and commercial spaces that meet the highest sustainability benchmarks.
With a history spanning more than six decades, Park Developments ranks among Ireland’s most established property companies.
It has completed over 13,000 properties and 4.3 million square feet of commercial space across the capital region, establishing itself as a key player in tackling the country’s ongoing housing and commercial property demands.
Current projects benefiting from the arrangement include The Glen in Cabinteely, featuring 342 houses and apartments; Lightburne in Leopardstown with 254 apartments; Meadow View at Clay Farm, Leopardstown (157 apartments); Glenville Garden in Mount Merrion (68 apartments); and the combined Estuary Ridge and Hurlers Field development in Kinsale, which will deliver 79 houses.
Additional residential initiatives progressing through planning will also receive support.Sustainability lies at the heart of the company’s approach.
Every new home is constructed to achieve a Building Energy Rating (BER) of A, while both residential and commercial developments comply with Nearly Zero Energy Building (NZEB) standards.
Recent commercial properties have even earned LEED Gold certification, highlighting the firm’s commitment to energy-efficient and environmentally responsible construction.
The green-loan status of the facilities directly reflects this philosophy and its goal of creating a lasting positive legacy in Ireland’s built environment.
Bank of Ireland served as agent for the transaction, with AIB acting as arranger and sustainability coordinator. Deloitte provided specialist debt advisory services.
Thomas Brady, Chief Financial Officer at Park Developments, expressed satisfaction with the renewed partnership.
He noted that the collaboration since 2018 has been instrumental in delivering thousands of high-quality homes and commercial buildings.
Brady emphasized that both lenders align with the company’s mission to ease Ireland’s housing shortages while prioritizing strong environmental, social, and governance standards.
He looks forward to building even more communities in the years ahead.
Kevin Baxter, Head of Property Finance at Bank of Ireland, highlighted the bank’s dedication to increasing housing supply through sustainable projects.
He praised Park Developments’ proven ability to deliver large-scale, high-quality developments at a time of demand and confirmed that the financing will accelerate several key schemes.
Baxter added that the property developer’s emphasis on A-rated, NZEB-compliant, and LEED-certified buildings perfectly matches the bank’s support for eco-friendly construction nationwide.
Derek O’Shea, Head of Development Finance at AIB, has now described Park Developments as a third-generation family business and praised the enduring relationship that enables delivery of homes and commercial space.
He pointed out that these sustainable units will benefit both the environment and future residents, while confirming AIB’s strong appetite for supporting housebuilders and its intention to expand residential funding in coming years.
Daniel Lockley, Partner at Deloitte, welcomed the deal, saying it bolsters the developer’s financial position and reinforces its sustainability goals. He expressed pride in assisting Park Developments as it continues to deliver high-quality homes across Ireland.
The Croí Cónaithe (Cities) Scheme, administered by the Housing Agency on behalf of the Department of Housing, Local Government and Heritage, specifically supports apartment construction for owner-occupiers and forms an important element of the funding package.
This refinancing arrives at a critical juncture for Ireland’s property sector, where demand for new homes remains high. By aligning financial support with green standards, AIB and Bank of Ireland are not only helping one of the country’s developers expand its output but also advancing broader national objectives for ongoing growth.