Central Romania: tbi bank extends EUR 7.85 mln loan to REDESIGN’s Stejeriș project in Brașov

One of the medium-sized banks in Romania, tbi bank, announced that it provided developer REDESIGN with financing worth EUR 7.85 million over 24 months to complete the first buildings in the second phase of the Stejeriș project in Brașov.

The loan, with the principal repayable in full at maturity, will support the continuation of construction works on seven boutique residential buildings, each comprising a basement, ground floor, two upper floors and an attic level, with a total of 46 apartments.

The buildings are already at an advanced stage of construction and are expected to be completed by the end of 2026. The value of this phase is estimated at EUR 26 million, with approximately 60% of the 46 apartments already pre-sold.

“Through this financing, we are supporting the continued development of an important residential project for Brașov and providing REDESIGN with a financing structure tailored to the project’s current stage of development,” said Marius Constantinescu, Head of Business Banking Sales at tbi bank Romania.

REDESIGN began as an architectural practice, delivering projects in Romania as well as across international markets in Western Europe and Asia. The company entered the local residential development market in 2013 and started its relationship with tbi bank in 2020, when the developer secured two financing facilities to accelerate construction works on the first phase of the Stejeriș development, both of which were repaid in full.

“The new financing will enable us to accelerate works on the second phase of Stejeriș and further develop a concept that has already demonstrated its relevance to Brașov’s residential market,” said Ionuț Guțiș, Managing Partner at REDESIGN.

The second phase of the Stejeriș project is being developed on a site of more than 15,000 square metres and will comprise 11 boutique buildings, with a total of 81 two- to five-room residential units. Green spaces will account for more than 50% of the site.

The first development under the Stejeriș residential concept was delivered between 2018 and 2022 and comprised eight buildings, following an investment of approximately EUR 17 million. The project was completed and fully sold. 

At the beginning of this year, tbi bank entered a new stage of development following its acquisition by Advent International, one of the world’s largest private equity investors.

radu@romania-insider.com

(Photo source: press release) ...