The initial loan Speedwell has received from BRD Société Générale, for the development of RECORD PARK Offices, has been refinanced by BRD, after the successful completion of the project.
The developer Speedwell and BRD Société Générale have started a partnership back in 2018, after signing a financing agreement for the office component of the RECORD PARK mixed-use project. The bank granted a loan of 12.1 million euros for the development of the RECORD PARK office.
The parties continue the collaboration after RECORD PARK’s successful completion and as BRD Société Générale refinances the initial loan, now reaching 22 million euros.
RECORD PARK is Speedwell’s first project in Cluj-Napoca, as well as the first mixed-use development and urban regeneration project in the city. It combines a residential component with 236 apartments, 15.000 sqm of A class office and retail spaces, a historic building that has been refurbished and converted into co-working spaces and a restaurant, as well as an WorldClass sports club.
Construction works for the office component have been finalized at the end of 2020 and the space has been leased to an extensive line-up of tenants, such as MHP Porsche, MassMutual, Yardi, COS, Stradale, The Home, Artmark Dental, Mitzu Café and Royal Charis Academy.
RECORD PARK Offices are BREEAM certified with an Excellent rating. The BREEAM certification reconfirms Speedwell’s high-quality standards and commitment to delivering unique and sustainable projects.
“We are happy to announce having successfully completed RECORD PARK Offices and delivering it to our tenants. As a next step, we refinanced the construction loan which, after refinancing, reaches 22 million euros. We are thankful for a strong partnership and great collaboration with BRD Société Générale. Thanks to it, we have created a safe environment, focused on the well-being of our tenants’ employees, close to Cluj’s city centre. We are looking forward to extending our portfolio with similar projects.” stated Didier Balcaen, CEO and CO-Founder Speedwell.
The internal legal and financial team advising on Speedwell’s side includes Natalia Sarpi, Speedwell’s CFO, and Simona Alecu, in-house counsel, assisted by Reff & Associates, represented by Andrei Burz-Pinzaru, Patricia Enache and Danut Arion. On the lender’s side, the bank’s internal legal team was assisted by Tuca, Zbarcea & Associates, represented by Mihai Dudoiu and Catalin Georgescu.
“We are grateful to have found a reliable partner in BRD Société Générale and are looking forward to working together on new successful projects in the future.“, stated Natalia Sarpi, Speedwell’s CFO.
“BRD is happy to continue its partnership with Speedwell and to be part of a sustainable project that contributes to the improvement of living and working standards in Romania.”, said Yves Lallemand, BRD Deputy CEO, coordinator of Corporate Banking activities.
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.