Bank of Ireland supports 650+ homes at Cherrywood as latest funding for Evara unlocks 234 additional apartments

Aerial view of the Cherrywood development in Dublin, where Bank of Ireland is supporting the construction of more than 650 new homes by Evara.

Aerial view of the Cherrywood development in Dublin, where Bank of Ireland is supporting the construction of more than 650 new homes by Evara.

 

  • 1,100+ homes supported through the Evara-Bank of Ireland partnership since 2020
  • Evara aiming to raise housing output to 1,500 units per year

19 August 2026 – Bank of Ireland has announced support for the delivery of 234 additional apartments at Cherrywood in Dublin, the latest milestone in its partnership with Evara, one of Ireland’s largest homebuilders. Together, the projects supported at Cherrywood will deliver more than 650 homes across the wider development.

Bank of Ireland’s latest financing has helped enable the commencement of the apartments, which are supported through the Croí Cónaithe (Cities) Scheme, increasing housing supply and providing greater choice for homebuyers. The wider Cherrywood development includes a mix of private, social and affordable homes and is one of the largest residential developments currently under construction in the country.

Since partnering with Evara in 2020, Bank of Ireland has provided c. €266 million in home-building facilities, helping support the delivery of more than 1,100 homes across the greater Dublin area.

With a substantial landbank and a strong track record of delivery, Evara aims to increase its housing output to 1,500 homes a year, helping address Ireland’s ongoing housing needs.

The Cherrywood development builds on a wider partnership between Bank of Ireland and Evara. In 2021, Bank of Ireland provided Evara with credit facilities to finance The Crossings, a transformative, mixed-use development in Adamstown, Co. Dublin that is Ireland’s first new town since the 1960s. This supported the delivery of 279 homes for the private rental market as well as approximately 90,000 square feet of retail space, including Tesco and Aldi supermarkets.

Bank of Ireland’s development finance typically comes as a revolving credit facility – a flexible loan that allows builders to draw down funding as needed, repay it as homes are built and sold, and reuse that funding for future phases or developments.

Alongside financing new housing developments, the Bank supports homebuyers through its mortgage lending and participation in the Help to Buy and First Home schemes.

Ross Reale, Finance Director, Evara, said:

“Bank of Ireland has been a key partner in supporting Evara’s growth since 2020. Together, we have helped support the delivery of more than 1,100 homes across the greater Dublin area, and this latest phase at Cherrywood is another important milestone. With a strong pipeline of developments, we are focused on increasing housing output to meet demand and deliver more homes and communities for people across Dublin.”

Kevin Baxter, Head of Property Finance, Bank of Ireland, said:

“Housing delivery remains one of Ireland’s most important challenges. Since 2020, our partnership with Evara has supported the delivery of more than 1,100 homes, including over 650 homes at Cherrywood. This latest funding demonstrates how development finance can help unlock new housing supply. By supporting both homebuilders and homebuyers, we are helping increase housing output and broaden access to home ownership.”

Ends.

Note to Editors

The Croí Cónaithe (Cities) Scheme is a fund to support the building of apartments for sale to owner-occupiers. It works by bridging the viability gap between the cost of building apartments and the market sale price – where the cost of building is greater. The Scheme is managed and administered by The Housing Agency on behalf of the Department of Housing, Local Government and Heritage.