Purpose of the loan
The financing requires a total of 2,000,000 EUR, which is being raised in stages. The loan proceeds will be used to acquire real estate—the operating recreation and tourism complex “Ąžuolas Resort,” located at Ežerų St. 3, 3A, 3B, 3G, 3H, 3I, and 3J, Galintėnų Village, Raitininkų Parish, Alytus District Municipality. The complex consists of a 1.7180 ha recreational land plot, 18 accommodation units, a conference/banquet hall, tennis courts, and other recreational and sports infrastructure. The loan is expected to be repaid by refinancing it with another financial institution. The amount that the project owner is contributing to this project is 1,190,000 EUR. Until refinancing, the loan will be serviced using revenue generated by the complex from accommodations, catering, conferences, event organization, recreation, wellness, and other activities, which average approximately 15,000 EUR per month.
About the Project
This is a functionally integrated, operational leisure and tourism complex, publicly marketed as “Ąžuolas Resort.” The complex consists of a 1.7180 ha plot of land, seven main buildings, 18 accommodation units, a conference/banquet hall, tennis courts, and other leisure, sports, and recreational facilities. The land plot’s unique number is 4400-6811-5593, cadastral number 3330/0002:420, Makniūnai village. Primary purpose: agricultural; land use category: land plots for recreational use. Official plot area: 1.7180 ha; the entire territory is registered as developed.
The total area of the main buildings is approximately 1,387.28 square meters. The complex consists of: a 112.78-square-meter single-family home at 3I Ežerų St.; a 125.34 sq. m. guest house at 3A Ežerų St.; a 174.38 sq. m. administrative building at 3 Ežerų St., currently used for conferences and banquets; a 165.48-square-meter vacation home at 3J Ežerų St.; a 230.63-square-meter vacation home at 3H Ežerų St.; a 230.73 sq. m. vacation home at 3G Ežerų St.; and a 347.94 sq. m. vacation home at 3B Ežerų St. All buildings are 100 percent complete.
The complex’s accommodation structure is diverse—the market valuation report lists 14 four-person vacation units ranging from 56 to 58 square meters, 2 six-person units of approximately 82 square meters, and 2 larger houses of 112 and 125 square meters. In total, there are 18 accommodation units. The vacation homes are equipped with kitchens, bathrooms, terraces, fireplaces, heated floors, air conditioning, and other amenities necessary for leisure.
The buildings at Ežerų St. 3B, 3G, 3H, and 3J are divided into separate recreational real estate units. For example:
- The units at 3B Ežerų St. are approximately 57–59 square meters in size, 100 percent complete, and feature local heating, local water supply and sewage disposal, electric stoves, and private terraces. This provides additional flexibility in selling the property, as the complex does not have to be sold as a single, indivisible unit.
- The buildings at 3H and 3G Ežerų Street are effectively configured as four vacation homes each, joined side-by-side with separate entrances. Each one features a living room–kitchen area and a bathroom on the first floor, with a sleeping area in the attic. The cottages feature electric floor heating, fireplaces, and air conditioning, and the windows offer views of the lake. In the market value appraisal report, appraisers describe the condition of these buildings as very good.
- The building at Ežerų St. 3J consists of two larger vacation units, each with a total area of approximately 82.74 square meters. The building at Ežerų g. 3I is a 112.78 sq. m. single-family home, built between 2003 and 2019, with cinder block walls, a metal roof, one story, with 3 rooms, a local heating system, a local water supply, and local sewage disposal.
- Ežerų St. 3A guest house—125.34 square meters, log construction, ceramic roof, 100% complete building. The first floor features a living room–kitchen area, a bathroom, and an office, while the attic contains four bedrooms. The building features heated floors, a fireplace, and air conditioning, with skylights offering views of the lake.
- The 174.38 sq. m administrative building is actually used as a conference and banquet space—it contains two halls, auxiliary rooms, a restroom, a washroom, and a shower. The market value appraisal report identifies the conversion of this building for recreational use as the most economically rational use. The building is log-constructed, with a ceramic roof, local heating, and water and sewer systems.
The complex also includes tennis courts covering an area of 1,270 square meters, which actually consist of two tennis courts. Appraisers describe their condition as very good. The complex also includes a conference space, saunas, hot tubs, water recreation facilities, beach volleyball, and other active leisure opportunities. The overall condition of the property is very good: buildings in a unified architectural style, well-maintained wood and masonry facades, large terraces, modernly equipped living areas, kitchens, and bathrooms, high-quality landscaping, large lawns, mature greenery, and direct access to the lake. A functionally cohesive and professionally designed resort-style area is clearly visible. The market valuation report also describes the overall condition of the complex as good, and that of some of the buildings as very good.
The best use of the property is the continuation of its existing recreational and lodging functions, operating the complex as a facility for recreation, short-term lodging, events, and active leisure. The existing infrastructure has already been developed specifically for these activities, so a significant change in use would not be economically rational. The use of individual cottages for short-term rentals, conference and event activities, and additional recreational services allows for the diversification of revenue streams.
The property’s economic appeal is also supported by its real revenue-generating potential. During the peak season, the complex’s revenue can reach approximately 3,000 EUR per day, and the projected/actual revenue for May–September 2026 amounts to approximately 234,000 EUR. Once operations have stabilized and part of them has been shifted beyond the main summer season, the calculations project an annual revenue potential of approximately 350,000–360,000 EUR.
On August 13, 2026, the market value of the entire mortgaged complex was determined to be 3,400,000 EUR. The comparable sales method yielded a value of 3.40 million EUR, while the income approach yielded approximately 3.39 million EUR; thus, the two independent methods produced very similar results.
Property Attractiveness and Liquidity. Liquidity is positively influenced by the direct lakeside location, 1.7180 ha of landscaped grounds, 18 fully equipped accommodation units, conference and event infrastructure, sports and water recreation opportunities, good technical condition, and an already operational revenue-generating model. Another significant advantage is that some of the buildings have already been divided into separate real estate properties, and the market valuation report explicitly notes the possibility of dividing the complex into separate properties, allocating portions of land for individual and common use to each. Liquidity is partially limited by the property’s high absolute value, its specialized recreational purpose, its location outside the city limits, its seasonality, and the relatively narrow pool of potential buyers for the entire complex. Therefore, appraisers consider the liquidity of the entire complex to be average to good within the specialized recreational real estate segment, while the possibility of selling individual vacation units significantly improves alternative exit scenarios.
Potential buyers of the property include professional hotel and resort operators, tourism and hospitality companies, private or institutional real estate investors, event and conference operators, and developers of wellness, “retreat,” or active leisure projects. In the case of individual properties, the pool of potential buyers expands to include private investors and individuals seeking vacation properties by the lake.
The property is a fully functional, well-maintained, operational, and income-generating recreational complex with direct access to the shore of Lake Gailintas. Its value is determined not only by the physical characteristics of the buildings and land, but also by the entire infrastructure developed for accommodation, events, sports, and recreation. The current market value of 3.4 million EUR is further supported by both market transactions and revenue generation. The main risk factors are the specialized nature of the property, seasonality, and the high value of a single transaction; however, these risks are partially offset by the possibility of dividing the property into separate units.
More about the project (see Documents).