Bigbank provided 8.8 million euros in financing for the second phase of the residential building “Mėlyni vilkai”. construction, belonging to the Eika Residential Fund managed by Eika Asset Management. During them, 141 new apartments and 11 commercial premises will be built by the end of the fourth quarter of 2023.
Eika Residential Fund began developing “Mėlynus vilkas” on Skroblų Street in April 2021, and currently 96% of all apartments and premises equipped in Phase I have already been sold.
The second phase of the project has been under development since February 2022, while 10 percent of all apartments have been sold. Total investments in the second phase will amount to 15.7 million euros, of which 8.8 million will be financed by a loan from the bank “Bigbank”.
“From the very beginning of our communication with Bigbank, we felt a professional, partnership-based, ethical and flexible approach to business. The bank responsibly selects future partners and carefully assesses risks, and the process itself requires openness and trust from both sides, but we would like to note that this bank stands out for its willingness to cooperate and quick decisions, which is particularly important to us. We appreciate the trust shown in us and hope to continue our partnership in the future,” says Tomas Žiaugra, Development Manager at UAB Eika.
Deividas Žukas, Head of the Business Loans Department at Bigbank, says that the bank he represents always assesses possible risks, but the project being developed near Naujamiestis, as its first phase has shown, is already successful, and its manager is a leader in the real estate market.
“First of all, we took into account the client, their experience, and the composition of the shareholders. Eika is a strong company with a good management structure, clear suppliers with whom it has many years of experience, and good construction managers. We are calm about the progress of the construction and did not see any special risks here. The project itself is medium-sized, with a typical number of apartments, good pricing and profitability indicators. Therefore, we have safeguards against such risks as rising project costs or falling apartment prices from the very beginning. Of course, the fact that we joined the project in the second stage of construction provides guarantees that it will continue to be successful,” says D. Žukas.
The real estate project “Blue Wolves” being developed in the Vilkpėdė microdistrict is located right next to Naujamiestis, on Skroblų Street. The location is close to the city center, with good infrastructure, transportation and accessibility to all services. The project itself is distinguished by the highest A++ energy class, which will result in lower heating costs, and residents will have the opportunity to install mechanical air ventilation. 1-4 room, 26-93 sq m apartments are being built in two five-six and nine-story buildings of the project.
The developer pays great attention to the safety of residents – the project territory is closed, monitored by video cameras, playgrounds and recreation areas are being created in the inner courtyard, and the environment is being landscaped. Residents will also have the opportunity to purchase underground and above-ground parking spaces.
Construction work planned for the second phase has accelerated, with 10 percent of the apartments in this phase sold. Construction work is scheduled to be completed by the end of 2023.