Speedwell takes EUR 13.6 mln loan for third building of The Ivy residential project in Bucharest

Real estate developer Speedwell signed a new agreement with Garanti BBVA for a loan of EUR 13.6 million to finance the third building of The Ivy, the premium residential project close to the Baneasa forest in northern Bucharest.

Construction works at the third building, which will consist of 128 apartments, already started. Additionally, the building will also have 173 parking places.

“Garanti BBVA has been on our side from the very beginning of The Ivy project, providing loans of almost EUR 30 million,” said Didier Balcaen, CEO and co-founder of Speedwell.

The developer will also extend its collaboration with RoGBC (Romania Green Building Council), Garanti BBVA’s partner for the Green Home initiative.

The Ivy project is built on five hectares of land and includes 10 buildings with a P+6 height regime. It will have a total of 800 units, ranging from studios to two, three, or four-room apartments, and penthouses.

Speedwell has finalised construction works for Building 1 and Building 2, summing up 228 units, and has either handed over or is in the process of handing over the keys to its residents.

Speedwell has an extensive portfolio of developments in Romania that includes Rrecord Park in Cluj-Napoca, Triama Residence, The Ivy, Miro, The Meadows, Cityzen, and Spaceplus in Bucharest, Glenwood Estate in Corbeanca, Paltim in Timisoara, and Riverside City in Ramnicu-Valcea.

(Photo source: Speedwell)