Purpose of the loan
The borrower has been granted a total loan of EUR 388,800 for this project in 4 stages. The borrower needs an additional 9-month term for the implementation of the project, therefore the refinancing of the existing loan, which expires on 06/12/2024, is announced in stages, thus the borrower will use the loan for an additional 9-month term.
A loan of EUR 1,176,000 is required to finance the entire project, which is divided into phases. Initially, the existing loan will be refinanced in stages (a total of EUR 388,800), then additional financing stages will be announced (a total of EUR 787,200). The borrower, after receiving the construction permit document and having completed part of the work, revalued the object (asset valuation report dated 03/12/2024) and determined the current market value of the land plot - EUR 548,000 + VAT and the future market value of the property - EUR 1,961,157 + VAT. In view of this, the Borrower applied for full project financing, which will amount to EUR 1,176,000, while maintaining the same ratio of asset value to loan (60%), which will be calculated based on the future asset value in accordance with clauses 44-45 of the Rules for Assessing the Reliability of Project Owners, i.e. in accordance with the established ratio, financing the completed works, which are/will be formalized in the prescribed manner by signed acts of completed works and VAT invoices.
The loan funds of the first 3 stages were used for real estate, part of the land plot in Ukmergės str. 326, in Vilnius, aquisition and the funds of the 4th and subsequent stages will be used for the development of the project. The borrower plans to build 992 sq. m commercial building and rent it. The loan will be repaid by refinancing it in another financial institution, when the borrower will complete all the construction and contracting works, receive the final deed of the construction works and, based on it, register the 100% completion of the building at the VĮ Registrų centras.
About the project
Investment project - development of the commercial building at Ukmergės st. 326, Vilnius. The area of the land plot - 1997 square meters. The total area of the planned building is 992 square meters.
The project is located in the northern part of Vilnius, where intensive development of real estate projects (both commercial and residential) is taking place. The plot is located next to Ukmergės street, near which there are many different commercial facilities - store-warehouse DEPO, shopping center Maxima XXX, NORFA, LIDL, BIG, Topo centras, PROMO Cash&Carry, Senukai, "Vokė III" and other shops, various car showrooms and auto centers. Nearby are the business centers "One" (Ukmergės st. 322) and "Trio" (Perkūnkiemio st. 3, 5, 7), as well as the block of apartment buildings "Eitminų namai" (Eitminų st. 15, 17, 21). On the other side of Ukmergės street is the "DEPO Fabijoniškės" shopping center (Ukmergės st. 373), on the same plot (plot part A2) a new "Švaros broliai" tunnel car wash was built.
The social infrastructure is fully developed around the project - there are kindergartens, schools, grocery stores, cafes and other trade and service facilities within a short distance.
Communication with Vilnius city center is good, convenient access (asphalted roads, direct access from Ukmergės street), short distance to Vilnius city center (about 5.7 km), object visibility is ensured, which is especially important for commercial objects, public transport is nearby and other commercial attractions. The property is part of the commercial plots segment.
We inform you that the employees of UAB Nordstreet (company code 304565690) are investing in this project.
More about the project (see Documents).