PORTFOLIO: FUND III
Munich Mezz (Munich)
16,000 sm residential block in Munich
Fund III provided a mezzanine loan in December 2015 to an established local developer, to acquire and reposition a large apartment block located in Giesing, a fashionable neighborhood on the southern edge of central Munich. The ASG team structured a package that covers a tranche of the costs of purchasing the property located near the Candidplatz subway station, to refurbish it and build an extension. The project is scheduled to start in 2017.
Understanding the true potential of the project allowed ASG to participate in a sensible repositioning project that meets the stringent underwriting goals established by Fund III.