Investment firm Winslow Developments has secured a loan of 72 million leva from Raiffeisenbank Bulgaria to fund the construction of the first stage of its Winslow Gardens residential project in Sofia's Manastirski Livadi borough, investor.bg reported.
The loan has a maturity of 42 months, investor.bg quoted the bank as saying.
The developer plans to start work on the first stage of the gated community, which will cost 105 million leva and is scheduled for completion in mid-2010, later this month. Despite that fact, last week the company said it has sold 60 per cent of the apartments in Winslow Gardens off-plan.
Some 80 per cent of the acquisitions were by Bulgarians, most of them young families with children. Unlike other real estate projects, built for investment purposes, around 80 per cent of the units were acquired to serve as first home, the company said at the time.
As previously reported, Winslow Development recently closed the tender for choosing a chief contractor for the first stage of the project. Glavbolgarstroy won despite competition from six of Bulgaria's largest construction companies.
The total investment in the Winslow Gardens gated community is estimated at 200 million leva. It is developed by Winslow in partnership with RREEF, Deutsche Bank’s property investment arm.
