Hypo Real Estate Bank International AG, a member of Hypo Real Estate Group, has announced that it has provided a €120-million facility refinancing and development financing for the development of a luxury residential development in Monaco, 'Melrose Place'. The transaction completed on 26 March 2007.
Melrose Place, Monaco
The facility will be used for the refinancing and development of the high-end multi-apartment building. Melrose Place is a 12-story building (plus 4 basement levels) comprising 20 ultra-luxury apartments totalling 6,100 m² of space and 60 parking spaces. It is located on Boulevard de Bélgique, Monaco, an attractive residential area, with apartments on the 4th floor and above benefiting from views of the harbour, Palace and the Mediterranean sea.
The development of Melrose Place is being managed by Meyer Bergman Group, which has developed over 3.3 million m² of prime real estate and currently has €2.6 billion of assets under management.
Commenting, Harin Thaker, CEO Europe Hypo Real Estate Bank International, said, "We are delighted to complete our first transaction in Monaco. The provision of a highly structured facility in a niche luxury residential market segment clearly demonstrates our ability to quickly address the needs of our clients."
Karen Meijer of Meyer Bergman noted, "We are very enthusiastic about this unique development opportunity, particularly given that it is the only permitted residential unit development in Monaco for at least the next 4 years."
Source: Hypo Real Estate