pbb Deutsche Pfandbriefbank provided a €58m development financing to TERRAGON AG (advised and accompanied by DR. KLEIN Firmenkunden AG) and Tübingen-based SAX Group for the construction of 200 serviced apartments for senior citizens. The property will be built on the site of "Gesellschaftshaus Grünau" and "Riviera" - architectural monuments in Berlin's Köpenick area. Construction is scheduled to start in the summer of this year.
The planned residential quarter will comprise around 200 barrier-free 1.5- to 3- room flats equipped to very high standards, plus 50 underground car parking spaces. Residents will also have service and leisure areas – including a reception area, club lounge and wellness area – at their disposal. The site is planned to feature additional care and treatment offers, which will be available on an optional basis. The development will have a total of approximately 15,000 m² in residential and utility floor space constructed in two stages. Completion is scheduled for the end of 2020.
The development sites are well-known properties in Berlin, due to "Riviera", a popular historical restaurant and the proximity to Grosser Müggelsee, a scenic lake. The site had been derelict for many years, before TERRAGON Group and SAX Group jointly purchased the plot in May 2017 and decided to build a new residential development for senior citizens.
The retirement complex will be built incorporating the listed structures, with four new buildings being erected on two plots opposite one another. Accordingly, some of the planned flats will be sold as listed apartments. Likewise, the "Riviera" ballroom will be authentically refurbished, and the "Gesellschaftshaus Grünau" social centre will be retained with its key exterior features. The "Riviera" ballroom will be publicly accessible and will be available to be used for gastronomical and other events.
The urban planning concept provides for lots of open space, with the riverfront being publicly accessible from Regattastrasse. As part of the new development, a public walkway will be built along the Dahme riverfront, which will also be open to the public from Regattastrasse.
Gerhard Meitinger, Head of Real Estate Finance Germany at pbb, said: "Demand for a senior-friendly living keeps rising. The green environment, combined with additional care and treatment offers, will make this quarter especially attractive to senior citizens."
Dr Michael Held, Chairman of the Management Board of TERRAGON AG, added: "Making this residential complex accessible to the outside was important to us from the very beginning – future residents will appreciate visitors coming to the site, as an enrichment of their everyday life. The two architectural monuments are no obstacle to us – on the contrary: they provide a good attachment point for the residential project."
Bernd Ruck, co-founder of SAX Group, added: "The outstanding location, with direct access to the waterfront and the attractive service concept for senior citizens, provide for a sustainable investment."
