HypoVereinsbank-UniCredit is providing the financing for the second construction phase of the KIRSCHGÄRTEN development in Munich-Untermenzing. This phase includes the construction of 384 new flats.
A GSK Stockmann team led by partner Dr Alma Franke advised ECKPFEILER on the structuring and implementation of the financing.
This financing is notable for its combination of environmental and social sustainability criteria, which meet the requirements for a green loan. The second construction phase of the KIRSCHGÄRTEN development, which involves the construction of 384 flats, is also the first private-sector housing project in Germany to be financed in accordance with the criteria of HypoVereinsbank-UniCredit’s Social Impact Financing programme.
Around 42% of the flats – almost 60% of the total residential space – have been designated for affordable housing and the income-based “Munich Model”. This part of the construction will remain part of ECKPFEILER’s portfolio in the long term, demonstrating the lasting effectiveness of the bank’s Social Impact Financing programme.
The KIRSCHGÄRTEN project is being built on a former industrial site in Munich-Untermenzing. The neighbourhood as a whole is one of the largest timber-hybrid developments in southern Germany. The second construction phase comprises around 33,000 square metres of floor space across three buildings. Construction is due to start in October 2026.
Advisers of ECKPFEILER Immobilien Group at GSK Stockmann:
Dr Alma Franke (lead, Finance), Marcel Buss (Finance)
