The loan covers the entire investment required by the project, according to Daiana Voicu, general manager of the company, quoted by a newswire. The developer started the negotiations for this loan this summer. “This is a unique deal. We don't think banks will be in a
position to offer loans for developers until spring next year,” Voicu said.
Willbrook Platinum Business and Convention Center, located north of Bucharest, will cover 80,000 sqm of built area and will deliver 45,000 sqm of usable area. The developer is also building a luxury residential project north of Bucharest, with 200 units in a first phase.
Willbrook has also started the construction of an office building in downtown Bucharest, the Cathedral Plaza project next to St. Joseph cathedral, which was halted due to a law suit between the developer and the Romano-Catholic Archbishop.
Previously, Willbrook Management International announced it was planning to spend EUR 2 billion on 25 projects in Romania with the completion date set for two years' time.
The developer has said it will not increase the number of projects due to administrative issues. Previously the developer revealed that most of the problems it had had to face in its projects had come from the local authorities.