German residential company GSW Immobilien has secured €875m in a number of separate bilateral loans to refinance an €890m securitised loan. The original debt was securitised in the Fleet St 3 and Windemere IX CMBS deals and matured in August 2011.
The new long-term debt facilities came from six lenders, including: Deutsche Pfandbrief-bank, which provided the third largest amount, at €200m over 10 years; Hypo Vereinsbank; Berlin Hannoversche Hypo; Deutsche Hypo; and Münchener Hypo, each providing between €50m and €215m, bearing an average interest rate of 4.18%.
The loans’ maturities range from five to 32 years and the weighted, average term to maturity is over eight years. GSW will inject €15m of equity. The refinancing includes two one-year extension options that the borrower could exercise if the loan was not in default or in breach and so long as GSW obtained additional hedging.
The portfolio comprises 118 buildings and 7,100 apartments in Berlin. “The redemption is by far the largest successful refinancing of a European CMBS loan in recent years and provides a strong positive signal on the availability of debt funding for high-quality collateral,” said Gioia Dominedo, senior director in Fitch’s European CMBS team.
Boutique bank Chalkhill estimates there is €15.9bn of multi-family housing loans due to mature in the next few years. German retail group Treveria has appointed Rothschild to advise on €870m of debt it has to refinance by July. There is a standstill agreement between Treveria and Deutsche Bank/Citigroup on €224m of secured debt that matured in January.