NAMA has appointed a property receiver to a number of properties owned by developer Sean Dunne.
It is understood accountancy firm Grant Thornton's Paul McCann has been appointed to act as receiver.
NAMA had acquired €350m of Mr Dunne's loans from Irish banks. Among the properties included is Hume House in Ballsbridge which was purchased for €130m in 2006.
Other properties in Dublin included in the receivership are located in the Docklands, Sandymount, Rathfarnham and Herbert Street.
Some of the loans belonging to Mr Dunne which transferred to NAMA were initially lent to him by Bank of Ireland. Last year the agency acquired some land and development loans extended to Mr Dunne by Irish banks.
The former Jury's Doyle Hotel in Ballsbridge in Dublin 4 is not included in the receivership as it was financed by British-owned Ulster Bank.
Sean Dunne, group managing director of DCD Builders, said this evening he was surprised and disappointed about the NAMA decision.
'It was a shock given the progress made on our NAMA business plan to date was excellent, and well beyond expectations in very tough market conditions,' he said.
'There was no indication of any deterioration in our relationship with NAMA, and indeed they specifically complimented my team and I for our full cooperation and commitment and thanked us for our assistance and progress to date. They could not provide a specific reason for the appointment of receivers,' Mr Dunne said in a statement.
Mr Dunne said he does not believe that receivers can work out the company's assets in a more cost effective and professional manner than its small dedicated professional core team who have the expertise and knowledge to achieve the maximum return for NAMA and the state.
'We proposed that NAMA could send in a representative to work alongside and supervise our dedicated team, which would be more cost effective than the appointment of receivers. Unfortunately this proposal was declined,' he added.
Dunne's D4 Hotels business is not in NAMA, and so is not affected by today's move and remains open for business.