German Pfandbriefbank Deutsche Hypo has agreed to finance the development of a residential tower in Rotterdam for US investor and asset manager Greystar.
Work started on OurDomain Blaak Rotterdam in February this year and is due to be completed in 2021. The 24-storey, 70-metre building will contain 612 one-bedroom student residences and starter flats, with high-end services including a gym, coffee bar, library and bicycle storage. The building will also feature a 600 m2 roof garden and other shared spaces.
The amount of the loan was not disclosed.
Steven Zeeman, senior managing director for Europe at Greystar, said: 'The Netherlands is a very attractive residential investment market. The number of small households for students, starters and professionals will continue to increase in the large cities.
'Greystar's OurDomain concept will meet the ends of this target group with homes that focus on the new, modern lifestyles that people are looking for.'
Annemarie Leeuwen, senior director at Deutsche Hypo, said: 'As a bank, we are pleased to be able to contribute through this financing to the expansion of Greystar's portfolio in the Netherlands with OurDomain, an apartment complex that meets the demand for contemporary living in the centre of Rotterdam.'
Greystar was advised on the transaction by legal firm Baker McKenzie, while Van Doorne acted as lawyers and notaries for Deutsche Hypothekenbank.
