German lender pbb Deutsche Pfandbriefbank has provided a loan of over €150 mln to a property company managed by RFR Group and a business partner to finance the conversion of the Hochhaus am Park high-rise building in Frankfurt's West End to residential and hotel use.
Comprising two offset towers, the complex is located in the direct vicinity of Frankfurt's Grüneburgpark recreational area. Under the development plan, one of the towers will be converted into around 100 high-quality apartments with a total residential floor space of some 13,700 m2, with 180 underground car parking spaces.
The second tower will be converted into a five-star hotel with around 140 rooms, plus conference and spa facilities.
The apartments are expected to be completed by mid-2019, with marketing commencing already at the end of this year. The hotel is also scheduled to open by mid-2019.
'The revitalisation of the Hochhaus am Park complex is an interesting project, located in a desirable residential area,' commented Gerhard Meitinger, head of Real Estate Finance Germany at pbb Deutsche Pfandbriefbank.
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Germany Investment Briefing
22 June
Union Investment Real Estate GmbH, Valentinskamp 70 / EMPORIO, Hamburg, 20355, Germany
