Redport Capital begins construction on Phase III of The Level Apartments

Redport Capital, a leading Romanian residential developer active in northern Bucharest, with a long-term vision for the Dămăroaia-Străulești area, announces the start of construction on Phase III of The Level Apartments project after obtaining building permit. Designed as a smart and sustainable residential complex, complying with current nZEB standards, the project is developed in four phases, with a total of 500 units and a total investment of 60 million euros.

Phase III of The Level Apartments project, located in northern Bucharest near OMV-Petrom headquarters, will encompass a built-up area of approximately 10,000 square meters. By the end of 2025, the project will provide an additional 105 apartments, ranging from studios, two-bedroom, three-bedroom to four-bedroom units, as a first for the project. Over 70% of these apartments have already been pre-contracted. The complex will feature 136 parking spaces, both underground and above-ground, along with over 300 square meters of commercial and service area which will serve both future residents and neighborhood inhabitants.

“Following the great success of the first two phases, we decided to accelerate our development plans at Redport Capital. This ambitious project, initiated in 2017, reflects the company’s unwavering belief in the potential of the Dămăroaia-Străulești area. With the completion of the first phase, the area has emerged as a major point of interest for residential development in Bucharest. The success achieved with Level I and Level II confirms the appreciation for our high-quality standards and competitive pricing. The Level Apartments III marks a new chapter in the project’s story, incorporating significant technological improvements and reinforcing the company’s commitment to sustainability while providing convenient access to modern amenities,” stated Cosmin Savu – Cristescu, CEO of Redport Capital.

The investment value for Phase III of The Level Apartments project exceeds 13 million euros. The financing will be a combination of equity capital and bank financing secured from First Bank. First Bank’s contribution amounts to 8.7 million euros, including a 1 million euro VAT credit line.

“We have chosen to collaborate with First Bank due to the strong and trustworthy relationship we have built together. We are delighted by the bank’s openness and willingness to support us in developing The Level Apartments project. This close and transparent collaboration underscores our commitment to the project’s success and strengthens our confidence to continue developing for the future of the community,” stated Oriol Casellas – Deig, CFO of Redport Capital.

Driven by strong customer demand, Redport Capital is actively pursuing the necessary documentation to obtain the building permit for Phase IV of The Level Apartments project, with the aim of starting construction in the latter part of this year. Phase IV will include over 200 apartments, and upon completion of all four phases, the total investment value will exceed 60 million euros.