Baker McKenzie advised a German bank consortium on the financing of the Märkisches Quartier development in Berlin. The banks financed the project in an open internal syndicate. The loans were used to refinance the acquisition financing and the completed civil engineering phase, as well as to increase the financing to carry out the building construction phase until the completion of the development.

Baker McKenzie advised the financing banks on all legal aspects related to the financing. The borrower is a joint venture with the participation of the Kintyre Group. The financing will be refinanced in part by public development loans.

"With our team of German and Luxembourg lawyers, we were able to optimally assist our client in this large real estate financing in a challenging market environment and together we brought the transaction to completion quickly. We would like to thank them for their excellent cooperation", commented Dr. Patrick Mittmann, Lead Partner of the transaction.

The Märkisches Quartier is a mixed-use real estate complex in the Märkisches Viertel in Berlin that is being revitalised and partially refurbished and converted/newly built. The borrower acquired and redesigned the property in 2016. The development is taking place in three phases. Phase 1 (purchase/conversion) and Phase 2 (partial demolition/construction pit) have already been completed. Phase 3 (building construction) is expected to commence in the near term. An area consisting of a residential complex, a medical center, office units, a shopping center with a market hall as well as a day care center with a roof garden, a nursing home and leisure facilities will be built on the collateral property.

The Banking & Finance team of Baker McKenzie regularly advise many German and international financial institutions in international financing transactions. In addition to ING and SACE, recent clients include AKA, BNPP, Commerzbank, DEKA, Deutsche Bank, DZ Bank, KfW IPEX, LBBW, MUFG, NordLB, ODDO BHF, SCB and UBS.
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