Loan purpose
The amount of EUR 870,000 is required for the financing, which is to be raised in stages. The loan will be used for the acquisition of the freehold of an integral recreational complex on the shores of Lake Plateliai, with the necessary infrastructure, and for the further development of the complex through conversion into small-size, functionally designed apartments suitable for permanent living, recreation or investment. Address of the project Plokštinės st. 11, Paplatelės vil., Žemaičių Kalvarijos mun., Plungės d., Lithuania. The land plot has an area of 1,2562 ha and the total area of all buildings is 2 973,89 sq. m. The loan will be reimbursed by refinancing with another financial institution or from the proceeds of the sale of the developed real estate. The amount that the project owner is contributing to the project is EUR 740,000.
About the project
The real estate project is a large square building in a unique location next to Lake Plateliu, surrounded by a mature green area. The property has a unique location, which naturally creates long-term value and remains in demand even during market fluctuations. The building is being adapted for a residential apartment complex with common recreation areas, sports and SPA area for residents. The developer is not planning a standard apartment block, but a lifestyle project focused on tranquillity, privacy, proximity to nature and everyday comfort.
The complex consists of small-area, cosy and functionally designed apartments, suitable for both permanent living, recreation or investment. These are spaces where people can escape from the pace of the city, enjoy the silence, nature and the proximity of the lake, and feel safe and comfortable every day.The concept of the complex is in line with the growing demand of buyers who appreciate quality of life, wellness and an environment free from city noise.
The property consists of: 1,562/31,736 shares of land (total area of 3,1736 ha; the part is 1,2562 ha); a building - holiday homes (2,034.86 sq. m); a building - canteen (882.14 sq. m); 2 holiday homes; artesian water well; sewage treatment plant; wastewater networks. This is a complete recreational complex with all necessary infrastructure.
The object is a recreational complex operating as an accommodation and catering infrastructure. 39 rooms/suites for accommodation. The layout of the buildings follows a hotel-type structure, with some rooms having separate entrances and terraces and the possibility of kitchen areas. The catering building is suitable for a restaurant, events or conferences.
The site has good parking facilities, the possibility of additional commercial activities, and the area is suitable for more intensive tourism development.
The assessors have identified the current condition of the buildings as follows: visually sound structures; in need of repairs and upgrading of heating system.
Taking into account the location near Lake Plateliai, the status of the national park, the tourist flows in the summer season, the plans for infrastructure development, the best use of the property is recreational - tourism - accommodation and service activities, including: a hotel/resort/apartment, a spa or wellness centre, a conference and event centre, a camping or active tourism base, a mixed accommodation and catering business.
The property is characterised by its exceptional natural location (lake, park), seasonal high visitor flows, growing investment attractiveness of the region, and the possibility of diversification of activities.
The mortgaged property is a high-potential recreational complex located in a strategic location by the Platelių lake. Despite the need for renovation works, the property has a clear commercial application, a strong tourist appeal and growth prospects.
Given the location, infrastructure and market trends, the valuers consider the property to be an attractive investment property with good potential for long-term use, with medium to good liquidity on the market.
More information on the property (see Documents) (see Loan Security).