Drumul Ciorogarla 199-201-203, Bucharest, Romania
90 apartments in Militari, Bucharest, district 6
- Start of investment period06.11.2020
- Start time12.10.2020 16:00
- Asset classResidential
- Investment typeDevelopment
- Investment end date31.03.2022
- Remaining term6 months
- Expected rate of return14.4% p.a.
- Expected cash yield%
- No of investors677
- Goal€480 000
The goal for this opportunity is to finance the construction of a 90 apartment building, situated at 199-201-203, Drumul Ciorogarla street, Bucharest, district 6, Romania. This will be Phase 1 of a larger 360 apartment development on a land of 10,000 sqm.
Crowdestate investors will have the opportunity to invest in a mortgaged secured senior construction loan in a total amount of EUR 2,600,000, arranged in 7 tranches, based on the progression of works. This is the 1st tranche of the investment opportunity in the amount of EUR 480,000.
The source of reimbursement will be the sale of the units when finalized.
At this moment, 17 apartments of the 1st phase are reserved (21%) for a cumulated price of ~EUR 1.16 million and ~EUR 43,000 were paid in advance.
The investment tenor for this tranche is up to 17 months. The interest rate is 13.5% p.a. and it will be paid in monthly instalments. The loan will be secured with a 1st rank mortgage on the land and future buildings. The land has been evaluated for EUR 980,000. After this funding round, the land value-based LTV for this project is 41%.