Madison International Realty and Cavatina Holding secure €61m financing

Madison International Realty and Cavatina Holding secured €61 mln in refinancing from Santander and Bank Pekao for Chmielna 89, a prominent office building in Warsaw, Poland. 

 Chmielna 89 

Santander acted as the underwriter, lender, and agent for the loan.
Completed in 2020, Chmielna 89 offers over 25,000 m2 of premium office space and is more than 95% leased to a major Polish financial institution under a long-term agreement. The building boasts a BREEAM 'Excellent' certification and features designed to enhance tenant well-being.
Located in Warsaw's central business district, Chmielna 89 has a distinctive crystal-like design and is recognized as a landmark in the city.
Andrew Brown, VP at Madison International Realty, commented: "Since its completion in 2020, Chmielna 89 has firmly established itself as one of the leading assets in Warsaw’s office market. This refinancing, with two blue-chip lenders that are both new to the project, is a testament to the unique quality of this property and the income it generates, and highlights the confidence of the debt markets in best-in-class Polish offices. Madison has been active in Poland since 2018 and has continued conviction in the market across various asset classes.”
Daniel Draga, VP of the Management Board at Cavatina Holding, added: "Chmielna 89 is a flagship project in our portfolio, showcasing Cavatina’s commitment to delivering high-quality, sustainable, and architecturally distinctive office buildings. This refinancing underscores the strong fundamentals of the property, the trust of leading financial institutions, and our ability to create long-term value for our partners and tenants. We are proud that Chmielna 89 continues to set benchmarks for design and tenant experience in the Polish office market."
Greenberg Traurig served as the legal advisor to the joint venture. CMS was the legal advisor to the lenders, who also received valuation services from CBRE and technical advice from Gleeds.