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The land plot will be owned by our SPV and the residential units will be fully developed and managed by Reinvest24, in partnership with an experienced construction company - Kirsan.
The 7-storey residential building will be located near one of the main streets of Riga - Aleksandra Caka street. Being next to the main street, the windows are both facing the courtyard as well as the facade of the building, creating privacy for its future owners.
The area near the building is well–developed. The infrastructure of the public transport is easily accessible. The kindergartens, schools, medical institutions, office buildings, sports and shopping centers, as well as one of the most beautiful parks in Riga - everything is in a very close proximity. The location of the project will provide an opportunity to enjoy a peaceful rhythm of life while being in the city centre. Only an 8 min car ride will bring You to the Arena Riga - an indoor arena, where currently the IIHF Ice Hockey World Championship 2021 is taking place.
The total land plot area is 1000 m2, which has detailed planning and approved project to build a 7-floor apartment building with a 2230 m2 living area. It is located advantageously so the noise of the surrounding streets is not heard, creating an ideal environment for a quiet home in the center of the city. It is worth mentioning that this project is very similar to our previous Latvian development - Bauskas and the whole construction part will be managed by the same people from the Kirsan side.
What is a development project?
This is a loan type that is used to purchase a property in order to sell it. In this case, a 7-floor apartment building will be built on the land plot. It is important to mention that this loan type is more similar to our rental projects, rather than development loans. It means that we don’t lend money to a 3rd party, but purchase the property and manage the process in a similar way we do with our rental properties.
This object has passed Reinvest24 risks assessment and is secured by Collateral Agent mortgage.