Reff & Associates | Deloitte Legal provided legal assistance to the Belgian developer Speedwell in refinancing the loan granted by BRD Groupe Société Générale for the development of the Record Park Offices project located in the central area of Cluj-Napoca, which includes a residential component, offices and co-working areas, retail and leisure spaces.
The partnership between Speedwell and BRD Groupe Société Générale started in 2018, with the signing of the financing agreement for the office component of the Record Park Offices project, worth 12.1 million euros, loan that has now been refinanced by the same bank and has reached 22 million euros.
“The success of every project at Speedwell is a combination of the contribution of our superteam, the support of our investors and financing institutions and the involvement of our business partners. Record Park mixed use development project in Cluj is no exception. We thank all our partners for their support. It gives us greater confidence for what comes next as we are looking forward to extending our portfolio with similar developments,” said Didier Balcaen, CEO and Co-Founder Speedwell.
“We are happy to have achieved this milestone and, together with our partners and trusted advisors with whom we have a very close collaboration, we are paving the way for other successful projects,” said Natalia Sarpi, CFO Speedwell.
Reff & Associates | Deloitte Legal lawyers specialized in banking and finance provided assistance in relation to the negotiation of the transaction documents, as a continuation of the assistance provided in connection with the initial project. The complexity of the project consisted in the parallel negotiation of the loan agreement and the security documents, each having specific characteristics and negotiation points, in the context of a tight schedule and priorities of the transaction. The project team was made of Andrei Burz-Pinzaru, Partner, Patricia Enache, Managing Associate, and Danut Arion, Associate.
“Deepest gratitude to our client Speedwell for their trust and collaboration and congratulations to the Reff & Associates team for their impeccable management of yet another project through which we support the real estate sector, one of the essential pillars of the local economy, currently in an obvious positive dynamic,” said Andrei Burz-Pinzaru, Partner at Reff & Associates | Deloitte Legal.
Record Park Offices is the first mixed use project developed by Speedwell in Romania and its 236 apartments and 15,000 sqm of office and retail spaces have already been put into full service.
Founded by real estate experts Didier Balcaen and Jan Demeyere, of Belgian origin, Speedwell is one of the most active developers present on the Romanian market, with completed or ongoing projects in Bucharest, Cluj-Napoca and Timisoara.