Romanian developer Forty Management has secured a syndicated loan worth €65 million for a new mixed-use project in Bucharest. The company will start the development of Central District Lagoon City. It will comprise a 5-star hotel with 314 rooms, an office building with a leasable area of 8,173 sqm, 272 apartments and 7,840 sqm of commercial spaces surrounding an artificial lagoon.
The total project cost stands at €108 million and will be delivered in a single phase by 2025. The financing granted by CEC Bank (syndicate lead), Alpha Bank and First Bank has a 10-year maturity.
“Central District Lagoon City is an ambitious project that meets a few national and European pioneer features: it is the first urban regeneration in the Central and Eastern Europe that implements the Crystal Lagoons concept – allowing the development of large turquoise lagoons with reduced maintenance costs – as well as the first project in Europe to reach the Carbon Neutral sustainability standard. It is a fabulous project, with high impact, that will give back to the city an industrial area, transforming it from an abandoned space into a multifunctional green area, that will offer its inhabitants top facilities,” said Lucian Azoiței, CEO Forty Management.
Forty Management’s portfolio includes 333 apartments in completed projects and another 340 under construction, alongside office and commercial spaces.