PORTFOLIO: FUND V
Mezzanine financing for 19,800 sm residential project on the banks of the River Spree
Fund V has provided a mezzanine loan to an experienced European developer for the project No.1 Charlottenburg, a 19,800 sm residential project under way in one of the wealthiest neighbourhoods of Berlin. The loan is part of the construction financing, ensuring there are no hold-ups to a project that started in 2016 and is scheduled for completion in the third quarter of 2019. Berlin is Germany’s most dynamic real estate market.
The Charlottenburg development involves the construction of 272 apartments in two towers and 13 other multifamily condos on a bank of the River Spree. The developer approached ASG’s Berlin team for the finance because of its track record in residential developments in the city and its reputation for swift decision-making and a straight-forward approach to pricing and due diligence.