pbb closes first primary market transaction in the US


USD 240 million provided in a co-underwritten transaction to refinance Long Island City apartment building

pbb successfully expanded its US commercial real estate lending business to the primary market. The German real estate lender provided USD 240 million to Simon Baron Development Group LLC in a co-underwritten deal with Société Générale, with pbb also acting as mandated lead arranger. The loan serves as refinancing of the ALTA+ residential complex in Long Island City. Investment manager Square Mile Capital previously made and still holds a $138.5 million preferred equity investment in connection with the recapitalization of ALTA in October, 2018. 
pbb has been active in the US since the second half of 2016 and currently has a lending book of approximately EUR 2.2 billion. Initially focusing on syndicated business in New York, Boston and Washington, pbb now covers all 7 US gateway cities and conducts primary business on the East coast markets. It established a representative office in summer 2018.
ALTA+ is a 467-unit building located at 29-22 Northern Boulevard in Long Island City, a New York City submarket. Simon Baron Development is a privately held real estate investment and development company headquartered in New York City.

Media Contacts
Walter Allwicher, +49 89 2880-28787, walter.allwicher@pfandbriefbank.com
Nina Lux, +49-89-288011496, nina.lux@pfandbriefbank.com