2 400 000 €
Type: Development loan
Mortgage rank: Second
Interest payment schedule: Semiannually
Min. amount of investment - € 0
Q2 update from the developer:
What milestones have been reached since the last quarterly report?
Start of construction, Frahmredder 56 - shell construction up to and including the first floor is completed, the shell of the underground car park in front of the apartment building has also been completed. The underground car park entrance was concreted. Frahmredder 60-62 - The building permit for this is still pending because at the request of the building authorities the complex underground car park for the entire construction project can still be changed by the architect and thus also the planning of the outdoor facilities had to be adjusted again by the landscape architect.
What are the next steps? Please give a brief outlook for the next quarter.
In the coming quarter, the shell of the Frahmredder 56 will be completely finished and the interior work can then be started.
Are delays foreseeable?
3 to 6 months
Please briefly explain the reasons for the delay and which project sections are primarily are affected.
When building the apartment building in Frahmredder 56, we are very good on the timeline, it only affects both construction phases in Frahmredder 60-62. This is because the underground car park, which is completely for all 4 multi-family houses in Frahmredder 56-62, is very complex, and therefore keeps repeating adjustment requests that have come from the building authorities, which are then rescheduled again by the architect. In addition, the landscape architect has to plan his outdoor facilities every reschedule.
To what extent are sales activities currently taking place?
The sales activities have not yet started
Has the cost forecast been met, fallen below or exceeded so far?
Cost forecast adhered to
Are the planned total costs adhered to?
Is the company's liquidity sufficient to meet all planned future obligations?
The sales start for the Frahmredder 56 begins in the 3rd quarter.
New documents were added to the documents section.
On the 4.398 m² plot in Frahmredder 56, 60, 62, 62 a + b and the Saseler Chaussee 139 in Hamburg-Sasel, three multi-family houses are to be built. It is planned to build around 63 apartments and as many underground parking spaces. The construction project meets the requirements of multi-generational living, so that the housing units will have different sizes. In addition to the underground car park, the residents have access to a children's playground.
It is envisaged to sell on the properties Frahmredder 62 a + b and Saseler Chaussee 139 planned apartment building as a whole to an investor. The residential units of the two multi-family houses on the plots 56 and 60/62 on the other hand, should be sold after completion to owner-occupiers. Building permits are expected in the first quarter of 2020, so that the construction of the buildings can begin as planned at the end of the second quarter of 2020.
To secure the loan receivable, a mortgage on the properties in Frahmredder 56, 60, 62, 62 a + b and Saseler Chaussee 139 in Hamburg-Sasel in the amount of a loan is ordered and registered by the trustee according to the first-rate financing Sparkasse Südholstein. The managing partners as well as two other direct and indirect limited partners issue maximum guarantee amounts of EUR 1,200,000 to secure the loan receivable.
More information about the mortgage in documents section.
The funds raised here are used primarily for the occupancy of the land purchase prices of the properties Frahmredder 56, 60, 62, 62a + b and the Saseler Chaussee 139 in Hamburg and continue to be used to finance the construction project. The remaining amount of the investment offered here will be used to initially secure the liquidity of the interest payment to the investors and the fees of this investment. A financing of the multi-family house at the address Frahmredder 58 is not provided for by the funds raised here, since it already took place in the project company, which carried them out separately.
Hamburg is home to approx. 1.83 million inhabitants, divided into a total of seven districts and 104 districts. The popularity of the metropolis continues to grow with increasing tendency and in the years from 2011 to 2017 alone, the city recorded a population increase of 6.5%. The Senate expects that the population will continue to grow strongly, reaching more than 2 million by 2030. Hamburg is not only the second largest city in Germany, but also the largest German port city. Hamburg is very well connected internationally and the interplay with Hamburg's international airport makes the city one of the most important logistics locations in Europe.
In addition, Hamburg is one of the most important economic and administrative centers in Northern Germany as well as an important educational location due to its numerous scientific institutes. In addition to the numerous tourist highlights of Hamburg, the Hanseatic city is also often referred to as a green city on the water. Throughout the city center there are parks and green spaces that make Hamburg one of Germany's greenest megacitys.
The district Sasel is located in the northeast of Hamburg and lies within the district Wandsbek. With its approximately 24,000 inhabitants, Sasel is one of the most popular districts of Hamburg. Sasel is a modern residential center that is home to numerous single and multi-family homes, making the district a family-friendly environment. The district is particularly worth living because of its proximity to numerous recreational areas and the particularly high proportion of green areas within the district. The project will be built under the address Frahmredder, a street that leads from Sasel to the neighboring district of Poppenbüttel.
The Poppenbüttel district is particularly liveable due to its wide range of daily necessities as well as a number of shopping opportunities. The Alstertal center offers an incomparable shopping variety on a total area of 59,000 m² with over 240 shops. It is one of the largest shopping centers in Northern Germany and at the same time one of the most important economic engines in the region. In the immediate vicinity of the Alstertal center is the S-Bahn station Poppenbüttel, which can be reached from the object address in a few minutes. Residents and visitors of the district can easily be reached via a broad bus, street and underground network in the city center of Hamburg.
The project is being carried out by the project development company Frahmredder 62a mbH & Co. KG. The personally liable partner of the project development company is Futunova Projektentwicklung GmbH, which is represented by the managing directors Mr. Arens and Mr. Pilagers. The initiators are currently planning and constructing a multi-family house on the sub-plot under the address Frahmredder 58, for which the building permit has already been granted.
Mr. Christian Arens has worked in the financial industry for almost 20 years. After graduating with a degree in business administration, Mr. Arens was responsible for special funds in a leading auditing firm and since 2005 has been self-employed in this area. Mr. Arens has already realized more than 30 closed-end funds with a total investment volume of around EUR 1.5 billion.
Mr. Elmars Pilagers has been in the finance industry for more than 20 years and has already held a leadership position with Allianz LV-AG. Since 2006, Mr. Pilagers has been working as a freelance consultant for the areas of pensions, assets and financing. Since 2009, he has been responsible for project finance in the real estate sector nationwide.
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