Ciekurkalns | Round 02
100% Funded

Interest rate:22%
Period:9 months
Target: 42 632€
Min. target: 10 000€
Opens: 2021/03/10
Expires: 2021/04/10
Type: Real Estate
Location: Latvia
Investors: 309


The current investment opportunity offers CROWDESTOR investors to make a loan with an interest rate - 22% p.a. for the development of a real estate project located in Riga, Ciekurkalna 7. The building will be transformed into an apartment building (4 floors, 132 small and medium-sized apartments).

The maximum target of this round is EUR 175 000.

The Funds will be used for refinancing CRP-2767 and to carry out the technical project.

The loan is backed with the pledge on 50% of shares of the Borrower. The valuation of the real estate object owned by Borrower is EUR 1 490 000.

During the loan term, the reconstruction project will be developed and approved. The first phase of works will be started this year once funding for this will be secured.

CROWDESTOR loan will be repaid when the object will be sold or refinanced by the bank.


Minimum target: EUR 10 000.00 
Maximum target: EUR 175 000.00 
Loan period: 9 months
Interest rate: 22% p.a.
Repayment: Interest and principal are paid in a bullet payment at the end of the Loan Term.
Security: Pledge of 50% of shares of the Borrower
Valuation of the real object owned by Borrower: EUR 1 490 000
CROWDESTOR Provision Fund
Location: Latvia

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


The Project

A set of 4 real estate objects - 3 land units with a total area of 9325m2 and a four-flour building with a total area of 5165.3m2. 

Object: 4 interconnected real estate objects
Address: Ciekurkalna 7. transverse line 7, 7A and b/n, Riga.
Cadaster No. of the properties:
  • 01000880062001
  • 01000880062002
  • 01000880062003
Cadastre designations of land units
  • 01000880062
  • 01000880110
  • 01000880158
Cadastre designations of buildings
  • 01000880062001
  • 01000880062002
  • 01000880062003

The total area of buildings 


  • Administrative building - 5165,3 m2
  • Guard building - 82,7 m2
  • Asphalt concrete area - 2916,4 m2; 
  • Fence with a gate - 825,0 m2 
The Land plot total area (9325m2) :
  • 7054 m2
  • 1043 m2
  • the guard-house is located on land partly owned by another person (1228m2)
Valuation: EUR 1 490 000,00


Characteristics of the Administrative Building

The total area of the building: 5165,3m2 (Cadastral designation 0100 088 0062 001)
Building volume: 19 526 m3
A number of floors: 4 +basement
  • The building has 2 staircases;
  • A long hallway on each floor;
  • Sanitary facilities at the end of corridors.
Exterior & Structures: Engineering equipment:
Basics: Reinforced concrete Heating: City centralized networks
External walls: Siliceous bricks Electricity: Centralized networks
Coverings: Reinforced concrete  Sewerage: City centralized networks
Roof: Flexible sheet materials Water: City centralized networks
  Gas: -

Technical condition: Satisfactory.

The building has replaced windows, and sanitary facilities, other rooms in the building are without major improvements; they require carrying out modern technical and aesthetic repairs.

At the moment building is free from inhabitants.

The building will be renovated into an apartment house that is assessed as the best usage of existing real estate object:

  • 132 apartments with full finishing and built-in kitchen appliances; the total area of 3530m2
  • 79 slots above-ground car parking area and area facilities.
  • The building will have 2 separate entrances and separate staircases

The planned distribution of apartments in the building by areas would be as follows: 

1 room apartments (19-23m2 72 (18 on each floor)
2 room apartments (23-35m2) 48 (12 on each floor)
3 room apartments (35-50m2) 12 (3 on each floor)

Characteristics of the Guard Building

The total area of the building: 82,7 m2 (Cadastral designation: 0100 088 0158 001
Building volume: 295 m3
A number of floors: 1
Planning: Guard service room, changing room, lounge, connected sanitary room, 2 utility rooms, and 2 hallways.
Exterior & Structures: Engineering equipment:
Basics: Reinforced concrete Heating: City centralized networks
External walls: Siliceous bricks Electricity: Centralized networks
Coverings: Reinforced concrete Roof:   Sewerage: City centralized networks
Roof: Asbestos cement Water: City centralized networks
  Gas: -

Technical condition: Satisfactory.

The building's interior requires a modern technical and aesthetic repair.

The Land plots

Cadastral designation: 0100 088 0062 Cadastral designation: 0100 088 0110
Total land plot area: 7054 m2 Total land plot area: 1043 m2
  • The area of the operational protection zone around the national defense object.
  • Construction Restricted Area as defined in the Territorial Development Planning Document.
  • Telecommunication was built in the territory of the land.
  • Part of the plot is located on the red lines of the street.
  • Cable networks owned by Latvenergo State-owned subsidiary "Rīgas elektrotīkli" 46 sq.m. area.
Improvements: The land is fenced and asphalted Improvements: The land is fenced.
Available Communications: connections to central utilities (heating, electricity, sewerage, cold water) Available Communications: -


The object is located in the north-eastern part of Riga.

  • Riga City Center - 7km
  • Airport "Riga" - 16km
  • Zoo - 4km
  • Lake - 3km
  • Shopping mall - 3km

All the necessary public infrastructure objects, various profiles shops, schools, kindergarten, public catering establishments, public, municipal, and business establishments are within easy reach (up to 1.5 km). 

Surrounding buildings consist of low-rise and multi-story residential houses and public buildings.

In the future, the Northern Transport Corridor construction through the neighborhood is planned, which would cross Riga in the west-east direction. This will improve the accessibility of the district.  

According to the city's development plan, high-rise buildings are planned to be built in the Čiekurkalns district, anticipating the development of one of the "new Riga centers." An ambitious project, "Ezerparks," is planned to be built in the nearest future; it will include a new city district for 7,000 inhabitants, office buildings, various services, and a large park. 

Factors influencing the value of the object 

Positive Factors:

  • The property is located in the neighborhood of Ciekurkalns, in a residential area.
  • The land is fenced with a reinforced concrete fence and asphalt.
  • All city engineering communications are available.
  • Administrative building with a relatively satisfactory technical condition
  • Relatively large plot of land

Negative Factors:

  • Driveway - cobblestone street
  • The guard building is located on land partly owned by another person.

In annex: 

  • Valuation report

Subscribe to newsletter

Subscribe to our newsletter and stay updated on the latest investments and special offers!