US investment fund Cerberus takes on Bangor housing site
The US investment fund, Cerberus, has effectively repossessed a housing development site in County Down.
Cerberus has appointed an administrator to Dermont Developments which controlled the 48-acre site at Rathgael Road, Bangor.
In 2010, the site was granted outline planning permission for 690 homes.
Dermont Developments' most recent accounts show that it had outstanding loans of almost £60m, but the site was valued at just £3.5m.
It was bought by the firm in an auction at the peak of the property bubble in 2007 for a reported £65m.
The site is the former location of a young offenders' centre,
Dermont Developments' sole director is listed as the housing developer John McGinnis - his other businesses are unaffected.
Cerberus has a major role in the Northern Ireland property market following its purchase of two loan portfolios.
In 2014, it paid a reported £1.3bn for the entire Northern Ireland loan portfolio of Nama, the Republic of Ireland's state-controlled "bad bank."
It paid a further £1.1bn for Ulster Bank loans relating to around 5,000 properties across Ireland.
Around 20% of the loans in that portfolio relate to Northern Ireland.