Recently established Cullaun Capital has said it expects to reach €100m in development finance over the coming months.

The alternative lender provides development finance for projects across multiple sectors in Ireland, including residential, student housing, office, industrial, hotels, nursing homes and mixed-use projects.

Cullaun Capital is backed by TPG Sixth Street Partners, the global finance and investment firm with over $30 billion in assets under management.

Cullaun recently agreed a deal with Bartra Capital to support the construction of two of their planned nursing homes. 

A new nursing home in Beaumont in Dublin will provide rooms for 221 residents, and will be the largest nursing home in Ireland when it is finished. 

A second nursing home, the Northwood development, will provide facilities for a further 118 residents. 

Cullaun noted that this is one of the first deals where an alternative lender has provided the construction finance for a nursing home.

It has also agreed deals to develop private and social housing developments in Dublin and Galway with a transaction in Cork "imminent". 

The company's founder and chief executive Stephen J Bell said the shortage of development finance is still a significant problem across Ireland following many years of very little new building. 

"There is a clear and long-term need for sustainable progress to be made with an estimated 50,000+ deficit in house construction," he said.

But he added that deficits are not just restricted to housing.  

"Many other sectors are being impacted, including nursing homes where there are thousands of beds required over the coming years. It will take all our collective efforts to address these challenges," he said.