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Mezzanine
The chief executive of pbb Deutsche Pfandbriefbank said its US exit and a ‘sluggish’ recovery will continue to weigh on the lender.
Lesley Davison previously spent 14 years as director of banking and treasury at the firm.
The manager sourced and arranged a German multifamily transaction, and provided the mezzanine portion.
The specialist lender’s CFO says the firm is expanding its capital base.
Mezzanine financing in Europe’s largest real estate market is playing less of a role, according to the report.
The subordinate loan was part of the €720m refinancing led by US bank Citi of Finnish flexible office operator Technopolis.
As borrowers increasingly seek whole loans, senior funds are more difficult to deploy, according to the manager’s head of commercial debt funds.
The London-based manager transacted its first deal in December after seeding its debut property debt platform with £100m of equity last May.
The French manager is planning to launch its fourth real estate debt vehicle, which it hopes will be its largest to date.
The firm is aiming to raise considerably more than when it first came to the European real estate credit market in 2020.