Berlin-based private residential real estate company GSW Immobilien has concluded the refinancing of its EUR 890 mln Commercial Mortgage Backed Securities loan.

The CMBS loan was repaid by new loans totalling approximately EUR 875 mln and the remainder in cash.

The new bilateral loan agreements with six leading banks, each with a volume ranging from EUR 50 mln to EUR 215 mln, bear an average interest rate of 4.18%. The maturities of the loans range from five to 32 years. The weighted, average term to maturity of the loans is more than eight years.

The six lenders include Berlin Hannoversche Hypothekenbank, Deutsche Genossenschafts-Hypothekenbank, Deutsche Pfand-briefbank, Münchener Hypothekenbank and UniCredit Bank.

In a statement, GSW said the new loan arrangements have enabled it to diversify its financing operations at ' attractive terms and conditions'. With the conclusion of the refinancing, the overall average interest rate for GSW's liabilities amounts to approximately 3.7%.