The drip-drip of NAMA receiverships continues apace with the agency appointing receivers to two companies last week. The first is Cork-based Fachtna Crowley Construction Limited, a residential developer which focussed on developments in County Cork. Its website is still available and shows its developments as Berryhill (Castlelyons, Cork), The Riverbank (Bandon, Cork), Gleann Alainn (Crossbarry), Lissagroom Meadows (Crossbarry, Cork), Radharc na Spuaice (Ballineen, Cork), Cois na hAbhainn (Dunmanway, Cork), The Spires (Inishannon, Cork), Cluain na Croise (Crossbarry, Cork), Church Hill (Inishannon, Cork), Woodside (Dunderrow, Cork). The company is most associated with Factna Crowley and his father Jerry Crowley. Just an ordinary residential developer whose developments are likely to have declined significantly in value, as far as I can see.
The second receivership, in relation to Conrick Developments Limited, seems to be some cleaning-up of loose ends by NAMA. This is a Paddy Shovlin company whose developments included a 1.5 acre mixed-used scheme at Old Bray Road in Foxrock. NAMA took very robust action against Paddy Shovlin last year and secured a personal liability order in Dublin’s High Court last October 2010. NAMA has since appointed receivers to his property including No 1 King William Street (pictured here) in the City of London which was sold earlier this year, and of course the Beacon South Quarter where NAMA sold 58 apartments to the Cluaid Housing Association last month.
Remember you can see a comprehensive list of Irish foreclosure action by NAMA here and in this regularly updated spreadsheet.
NAMA Wine Lake 
Leading Donegal Developer B Gildea Ltd hit with an 18million Judgement and barely gets mentioned
@Patrick, true and there have been some recent developments with Brendan Gildea’s debts
http://www.bbc.co.uk/news/uk-northern-ireland-foyle-west-15370003
But there is nothing that has become publicly available that I am aware of, to show Brendan Gildea being in NAMA.
@ NWL It is hard to see that there is much of a market for any of the West Cork properties. There are similar developments attached to every small village as far west as Kealkill & Glengarriff.
Emigration has commenced again with a vengeance because much of the workforce. The biggest local employer during the boom was Murnane & O’Shea who are in NAMA.
Any word/Proof that any Donegal Based Developers/Builders have had Loans Transferred to NAMA
@NWL
I bet NAMA will take very good care of that site in Foxrock. There won’t be any repeat of the Tullamore incident in Foxrock. It might not be career enhancing.
http://www.independent.ie/business/irish/olearys-new-wings-1418361.html
The situation is farcical. What is the point of putting receivers into companies, when there is no liquidity and no market outlets for the assets. I can see the point if we had a bank left in the country that was willing to lend to the industry. It is a financial disaster not so much for the developers who probably don’t give a fcuk one way or another, but for the economy.
The developers are relieved to be rid of the problem and the sharks gather to pick up the pieces from the receivers, who have no idea what to do other then sell at whatever price a cash buyer will pay. The losers are the Irish citizens and the taxpayers. The winners are the hedge funds and other vultures seeking 25% plus IRRs on their investment; and they will get it if NAMA doesn’t supplement its staff with some professional commercial property advisors – and quickly.
The sales that I have seen NAMA approve recently are risible enough to make a cat laugh. One thing is for sure, the vulture capitalists will be laughing all the way to the bank.
As distasteful as it may be to many, NAMA would be better off befriending their developers, building a mutual trust and working with them (yes, even sharing the upside) rather than selling the silver to the vulture funds just because it doesn’t have the skill-set to sweat the assets in order to maximise the return.
As I have said many times, in my opinion, based on its performance to date, NAMA is on course to replicate Securum and lose 50% on the price it paid for its acquired loans.
@WSTT
The solution is not to leave the property with the developers who proceed to look after themselves.
With regard to problems with receivers etc and both their cost and approach there is an alternative.
Put in a receiver for the mere legalities but insist that the receiver tranfer the management of all properties to a decent property management company, that will hold onto the assets, finish them, try to enhance them and then rent/lease them until the market is fully bottomed out.
That is the common sense approach and it would also provide significant employment.
But I am a little confused because I thought that the above was NAMAs job!
It is much simpler for NAMA to appoint a receiver and sit behind a desk congratulating itself.
Of course it is in the receivers interest to do as little as possible and to drag out the receivership until the money runs dry. Going on tribunal form that could be a very long time and an awful lot of money.
I agree that a lot of “developers” are incapable of managing the assets, but some are well capable and do so successfully. Some NAMA assets are so bad that they are simply liabilities.
The “business plan” process is designed and monitored by accountants and directed more towards debt collection and rental sweeps than active asset management.
There are few property asset managers in Ireland with a development skill set. There are agents, even property managers, but that is not the same thing. And NAMA is structured as a “run off” debt collection agency, not as it’s name implies – an asset management agency.
@ WSTT I can never see any demand for a lot of the Crowley houses and many more on the edges of other West Cork or other rural villages scattered around the country.
However there may some assets that could be sold off, land bought but not built on.
A receiver will at least expedite the disposal of those assets and get some of the houses sold, even if it is at ‘knockdown prices’. But, I can certainly see some of those properties being actually knocked down.