Pbb grants loan to Munich resi project

German lender pbb Deutsche Pfandbriefbank has provided a loan of €83 mln for the construction of a residential project in Munich.

The loan has been granted to Cologne-based Pandion Group, which has acquired land for the project in the Munich-Neuhausen area of the city. The project will see the construction of approximately 315 apartments with a total living area of 26,200 m2.

Construction work is scheduled to commence in the spring of 2014.

Pbb head of origination Gerhard Meitinger stressed the bank’s commitment to providing development financing in Munich. ‘Pbb Deutsche Pfandbriefbank continues to provide development financing with special regard to projects in our base town of Munich and other prime German locations,’ he said.