German lender pbb Deutsche Pfandbriefbank has provided a €124 mln loan to developer Evoreal to finance the construction of a 240-unit apartment block in Munich.
German lender pbb Deutsche Pfandbriefbank has provided a €124 mln loan to developer Evoreal to finance the construction of a 240-unit apartment block in Munich.
Hamburg-based Evoreal will use the funds to refinance the purchase of land which was originally financed out of its own capital. The loan will also be used towards financing the construction of 240 freehold flats and an underground garage.
The project is located at Prinzregentenstraße 155 in Munich-Bogenhausen and will comprise a total 25,000 m2. It is due for completion in the first quarter of 2018.
Gerhard Meitinger, head of real estate finance Germany at pbb Deutsche Pfandbriefbank, said: 'The real estate market in Munich remains attractive. For many years, pbb has been active in providing financing for project development and property developers in the city where its headquarters are situated. Evoreal has already demonstrated its potential in various projects in Munich and we are happy to be a partner in this real estate financing. We look forward to expanding our business relationship with this professional partner.'
