German lender pbb Deutsche Pfandbriefbank said on Monday that it has provided a €58 mln development financing to German developers Terragon and SAX Group for the construction of a new quarter for senior citizens in Berlin's Köpenick area.
The planned residential quarter will comprise around 200 barrier-free 1.5- to 3-room flats plus 50 underground car parking spaces, services and leisure areas such as a reception, club lounge and wellness area.
Construction of the first phase of the 15,000 m2 project is scheduled for the summer of this year, with final delivery planned for the end of 2020.
Terragon and SAX Group jointly purchased the plot in May 2017.
Gerhard Meitinger, head of Real Estate Finance Germany at pbb, said: 'Demand for senior-friendly living keeps rising. The green environment, combined with additional care and treatment offers, will make this quarter especially attractive to senior citizens.'
