The 10.1-million-euro loan Speedwell received from BRD Société Générale Group, for the development of the residential component of RECORD PARK, has been fully repaid before the maturity date, following the units’ successful sale.
Speedwell and BRD Société Générale Group have joined hands in 2018, by signing the financing agreement for RECORD PARK Residential, part of RECORD PARK, developed on a 17,000 sqm plot and ideally located in Cluj city center. BRD granted a loan of 22 million EURO to finance RECORD PARK, the first mixed-use development and urban regeneration project in Cluj, consisting of 236 apartments and 15.000 sqm of A class office and retail spaces, all anchored by a historical building that has been preserved and transformed into a space for arts, technology, and co-working spaces.
Under Speedwell management, construction works for the project have been successfully completed in the beginning of 2021. Following the successful delivery of most of the apartments, Speedwell has fully repaid 10.1-million-euro loan obtained for the residential component of this project.
Since sustainability is a major focus for all projects developed by Speedwell, RECORD PARK has received a BREEAM Excellent rating supporting health and wellbeing, while also protecting natural resources.
“We proudly announce having fully repaid the loan received from BRD Société Générale Group. Thanks to their support, as our partners, and the one received from the homeowners that have seen RECORD PARK’s potential, we have successfully completed and sold the residential units. Furthermore, we have given back to the Cluj community an important location and piece of the city’s history. We want to thank all those that have been involved in this project for their trust and support.” stated Didier Balcaen, CEO and CO-Founder Speedwell.
The process was fully supported by Speedwell team including Natalia Sarpi, CFO, and Alex Bumbu, legal counsel.
Speedwell has a large portfolio of developments in Romania that includes Record Park in Cluj-Napoca, Triama Residence, The Ivy, MIRO and SpacePlus in Bucharest, Paltim in Timisoara, and Riverside City in Ramnicu-Valcea.