Speedwell repays loan to BRD Société Générale following successful delivery of residential project

The €10.1 million 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 signed the financing agreement for Record Park Residential, part of Record Park, developed on a 17,000 sqm plot located in Cluj city centre in 2018. BRD granted a loan of €22 million to finance the first mixed-use development and urban regeneration project in the city, 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 were successfully completed at the beginning of 2021. Following the successful delivery of most of the apartments, Speedwell has fully repaid the €10.1 million loan obtained for the residential component of this project.

Since sustainability is a major focus for all projects developed by Speedwell, Record Park 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,” said Didier Balcaen, CEO and CO-Founder Speedwell.

The process was fully supported by the Speedwell team including Natalia Sarpi, CFO, and Alex Bumbu, legal counsel.