Real estate developer Hepsor JG SIA has entered into a loan agreement with the Latvian affiliate of Bigbank for a development project in Jūrmalas gatve 74, Latvia.
The agreement carries a value of approximately €4m.
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This three-year loan will be used to construct a low-rise residential building project named ‘Annenhof Mājas’ in the country’s capital, Riga.
The project will feature a total of 40 apartments. The three-storey Annenhof Mājas will have 20 apartments, comprising two- to four-room units ranging in size from 51m² to 84m².
Outdoor areas will provide extra living space for all units, with terraces for first-floor homes and loggias for the remaining portion.
Other on-site amenities will include cafés, medical facilities, schools, cycling infrastructure, and a range of transit alternatives, all within walking distance.
Construction work is already underway and is scheduled to be finished in the fourth quarter (Q4) of next year.
Hepsor board member Henri Laks said: “In the design of a sustainable living space valuing a green mindset, we have emphasised energy efficiency, ensuring both low utility costs and a smaller carbon footprint during the building’s operational lifespan.
“As of today, nearly 18% of the apartments in the Annenhof Majas project have already been reserved, confirming the project’s attractiveness among clients in the Riga market.”
This will be Hepsor’s eighth residential project in Latvia.
Hepsor currently has four residential development projects in its construction and sales pipeline in the country.
