SUMMARY

The current investment opportunity offers CROWDESTOR investors to make a secured loan into the first development stage of a historical low-rise building with a total area of 1 068.5m². 

CROWDESTOR investors are offered to invest in the project with a term of 10 months and interest of 22%. During the loan term, the project will be packaged to attract buyer who will carry out the following phases of development - full reconstruction of the object and apartment sales. 

The packaged project will include real estate, a full technical project, all necessary permits. Funds will be used to cover real estate acquisition costs, develop the technical projects, and cover other costs ensuring a successful deal.

The loan is secured with a commercial pledge on the borrower's shares. As a board member, the CROWDESTOR representative has veto rights and controls the usage of funds.

This mansion was built in the 1930s by the well-known Latvian architect for the German lawyer's needs – it was his family house and place where his legal practice was located, for a long time building was used as a Registry Office.

After reconstruction, the building will have 28 apartments and 3 commercial premises located on the basement floor and aboveground parking spaces for 10 cars. The low-rise apartment building will be used for the sale of apartments.

The project is located on Slokas street 8 in Agenskalns, a quiet district in Riga, located on the river Daugava's left bank - 3,5km from the Riga city center.

LOAN

Remember - interest rate payments start calculating from the day you make your investment!

PROJECT

The funds will be used to purchase real estate object and prepare the technical project for the reconstruction of the mansion into a low-rise apartment building with a total area of 1 068.5m²; 

The technical condition of the building is generally excellent.

Entrance road in the yard and aboveground parking spaces will be covered with stone-pavement. The real estate is enclosed from the road's side by a metal lath fence and has metal gates. The technical condition of the gates and fences is excellent. 
Grassland and greenery have been installed.

After reconstruction, the building will have:

• 26 (twenty-six) 1-room apartments
• 2 (two) 2-room apartments 
• 3 (three) commercial premises with full finishing
• aboveground parking spaces for 10 cars

The layout of the building (exterior and interior), the premises area, and the materials will meet modern requirements. 

Location

The object is located in Agenskalns -3,5km from the Riga city center. 

Agenskalns is best known for its extensive historical architecture and landscaped parks, ponds, and river Daugava waterfront. Residents of Agenskalns can enjoy a low-key atmosphere in nearby parks and green recreation areas. The neighborhood with rich architectural roots is a great place to buy an apartment. 

The traffic is not as heavy as in the city center and other neighborhoods in Riga also, but the district has convenient public transport infrastructure - tram, bus, and minibus network. The accessibility of the neighborhood is convenient for all parts of Riga. Access to the object by car is convenient. 

• Bus/tram stop: ~200m 
• Park: ~550m
• Train station: ~1,8km
• Seaside: 15 min by train, 20min by car

FINANCIALS

Small and medium-sized apartments (20 m² - 70 m²) are in high demand, especially for small apartments in areas with well-developed infrastructure.

Analyzing the residential real estate market situation in Agenskalns district in the segment of one-room / two-room apartments, the evaluators conclude that price of the 1-room on the fully finished area is from 1900 EUR / m² to 2600 EUR / m². On the basement floor, there are commercial premises for the needs of the salon and cafe, depending on the area from 900 EUR / m² to 1200 EUR / m².

The assessors assume that high-quality materials will be used in the construction works, the works will be performed in accordance with the submitted floor plans, visualization documentation, and approximate costs with the necessary construction and reconstruction works, construction works will be performed in accordance with the project agreed in Latvian legislation. The apartments will be divided into apartment properties with their cadastral number of the supposed part of the apartment house and land. The building will be reconstructed in accordance with technological requirements and good quality.

The price for 1-room and 2-room apartments is assessed to be from 1 950 EUR/m² to 2 200 EUR/m².

Basement plan	1st-floor plan
2nd-floor plan	3rd-floor plan

In annex: 

• Valuation report