One of the largest real estate (RT) groups in Lithuania, Eika, is borrowing to develop the Vilnius apartment building project “Bajorų alėjas”. The group company has agreed with Medicinos bankas on a loan of EUR 5.5 million.
Medicinos bankas announced that the loan granted to the Eika group company will have a duration of 3 years. The total investment in Bajorų alėjas will amount to up to EUR 12 million, of which almost half is a loan from Medicinos bankas.
“This is our first financing project with Medicinos bankas. From the very beginning of our cooperation, we felt a professional approach to business. The process was smooth, and the team was attentive and quick in making decisions. We are grateful for the trust and look forward to continuing our cooperation in the future,” says Tomas Žiaugra, Head of Development at Eika.
“Bajorų alėjos” is a 9-hectare area in Vilnius, where Eika has been developing a low-density low-rise apartment building settlement since 2014.
After the remaining apartments in the project were sold out and the demand for residential housing increased significantly, in July last year, the Eika Group decided to start construction of 2 new apartment buildings with 97 apartments. The loan provided by Medicinos Bankas will be used to finance the completion of the construction.
Julius Ivaška, Director of the Business Service of Medicinos Bankas, says that the bank, which pays a lot of attention to small and medium-sized businesses, is also ready for large financing projects with leaders in their field.
“Cooperation with Eika is an appreciation for us that we are able to meet the expectations of market leaders by contributing to the development of their business projects. I believe that this will help the bank strengthen its positions in the niche of large business clients and expand in it,” says J. Ivaška.
The “Bajorų alejas” territory developed by the “Eika” group consists of 3 blocks, two of which have all the apartments sold. The third block, “Klevai”, will be completed this year. Its apartments have an energy efficiency class of A++. The block will have an above-ground parking lot and infrastructure for charging electric cars. After the construction work is completed, it is planned to install sports grounds, children’s playgrounds and waste containers.
“Eika” has been awarded 13 times for its real estate projects, including “Santariškės namai”, “EIKA namai” in Pilaitė, and “Basanavičiaus 9A”.