The current investment opportunity offers CROWDESTOR investors to make a secured loan investment to the developer of the project Miera Residence.
The property has been bought and it consists of 3 buildings with a total premises area of 1354 m2 in a historical and artistic district of Riga city - Miera street 21.
After the first two rounds of funding, the development of the property is moving forward rapidly. The renovation of the buildings is currently completed by about 60% - including the complete replacement of the roof, nearly completed renovation of the facade, as well as active work on the construction of the interior.
During the COVID-19 outbreak, the concept for one part of the property has been changed and it will be used as an office building, therefore, it is a pleasure to announce that this building will be the new headquarters of CROWDESTOR.
The renovated historic building in the artistic center of Riga will perfectly suit CROWDESTOR's rapidly growing, young, and ambitious team. The company will occupy approximately 400 m2 on 2 floors of the property. The premises of the building will be also rented by other FinTech companies, therefore, this building will become a new FinTech center.
CROWDESTOR loan will be repaid from by refinancing it with a long-term bank loan.
Current investment opportunity offers CROWDESTOR investors to make a loan with an 18% annual interest rate.
The minimum target to be raised in the CROWDESTOR platform is EUR 15 000,00 and the maximum target is EUR 40 000,00.
Project is developed by SIA “CR 1”, an SPV registered for current asset management, a group company of CROWDESTOR OU.
Minimum target: EUR 15 000,00.
Maximum target: EUR 40 000,00.
Loan term: 7 months.
Interest rate: 18 % per annum.
Interest payments: paid monthly after the first 6 months (For the first 6 months interest payments are capitalized and paid in one payment).
Loan repayment: In full at the end of the Loan Term.
Crowdestor BuyBack fund: Yes.
Collateral: The loan is secured by a guarantee of the borrower company and pledge on real estate (Miera street 21, Riga).
Remember - interest rate payments start calculating from the day you make your investment!
Project: Miera Residence
Object: Historical 13 apartment and office space building in Miera street 21
Funds raised in fundraising phase 1: 750 000 EUR
Funds raised in fundraising phase 2: 195 000 EUR
Funds raised in fundraising phase 3: 15 000 - 40 000 EUR
Total investments: 1 272 000 EUR which consists of:
430 000 EUR – real estate acquisition
752 000 EUR – renovation costs
90 000 EUR – fee of Land Register, reserve, other expenses
Address of the property: Riga, Miera iela 21
Cadaster No. of the property: 0100 023 0071
Land Registry Folio No. of the property: 31231
Land plot: 1374 m2
Building, total area:
Residential building (0100 023 0071 001) with total area of 245,1 m2;
Residential building (0100 023 0071 002) with total area of 497,7 m2;
Residential building (0100 023 0071 003) with a total area of 611,77 m2.
Current status and type of use:
The object consists of three residential buildings on a medium area land plot. The property is empty and not used for now. The apartments and office spaces are not usable without additional investments in the restoration and replacement of the utility equipment.
Preffered type of use:
The concept of Miera Residence consists of offering a part of building to short-term rent on Airbnb, other part will be available for the acquisition of apartments, and the third part will be used as an office space.
The assessment facility is located in the city part of Riga – the distant Centre, a block consisting of Miera, Annas, Aristida Briāna and Palīdzības streets. The surroundings consist of multi apartment buildings and local infrastructure facilities built at the end of 19th century and at the beginning of 20th century. In this block there are buildings of both residential and public nature, with small commercial spaces on the first floor of the building. Exactly over the street of the valuation facility is located the Latvia's famous chocolate factory ''Laima''. In the near distance there are important buildings like LU Faculty of Chemistry, recently renovated Riga 1st Hospital, Dailes Theatre, Vidzeme Farmers' Market, the office and shop quarter 'Aloja'.
Over the past years, Miera Street has bloomed into this artsy, full of cozy, atmospheric places to go to. You will be able to find several cafe shops, little shops full of individuality. For example, the cafe ''Taka'' offers a wide range of Latvian beer, cafe ''Mierā'' will leave you addicted to their baked cakes. You can find many Latvian design shops on Miera Street including music bars and art, book shops. Further on Miera Street is the location of the New Riga Theatre.
This street is full of culture and many events connecting the subject - festivals, concerts, smaller gigs etc. Miera Street atmosphere helps to socialize and meet many people to connect with. In A. Briāna street quarter are found many clubs and bars as ''Piens'', ''One One'' and ''Nemiers'' but beer brewery ''Labietis'' will surprise you with different tastes of beer.
Public transport is traveling by Brīvības street (only 3 minutes by walking) which is one of the main streets if not the Main Street of the Riga city Centre, with a very high flow of transport. The movement of public transport to the Centre of Riga is provided by a route tram 11 - it drives by many times during the day which allows to connect with the rest of Riga in just a few seconds because the tram stop is just 100 meters away from the apartment building. The driveways are covered with asphalt and are in good condition. The flow of pedestrians is relatively small, mostly calm - it consists of the surrounding population of many young ones, artists, and of those working in the surrounding blocks. Public transport security is good. In general, the location of the building in the city of Riga is considered to be very good, one of the top places for young, alternative people to wish to live in.
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