Speedwell signs financing agreement with Garanti BBVA for second building of THE IVY project in Bucharest

Real estate developer Speedwell has signed a financing agreement with Garanti BBVA to finance the second building of THE IVY project. The total loan amount reached 15-million-Euro.

Located on Jandarmeriei Street, in the north of Bucharest, close to Baneasa forest, THE IVY is a residential project featuring a total of 800 apartments comprised in 10 buildings with a P + 6 height regime, spread out over 5 hectares of land.

The residential ensemble offers a wide variety of units and layouts, from studios to 2, 3, 4-room apartments and penthouses. The facilities mix includes a restaurant, kindergarten, fitness centre with pool, and proximity shop.

The complex will be built in four phases. Currently, works are ongoing for Building 1 and 2, part of Phase 1 of the project.  

“We have always appreciated the support received from our partners and are thankful for strong collaborations. This is also the case of our partnership with Garanti BBVA and are pleased to announce having signed an amendment of the financing agreement to increase the loan amount to 15-milion-euro loan for the two buildings part of THE IVY Phase 1. Good partners make the difference in real estate development and not only, even more when they share the same values. We wish to thank Garanti BBVA for showing us their support and are hopeful to strengthen our collaboration even more in the future,” stated Didier Balcaen, CEO and CO-Founder Speedwell.

“By extending this partnership, we are confirming our strategy to support green projects, such as THE IVY, a BREEAM Excellent certificated project. The future belongs to green funding, and we team up with partners who share these values. We are constantly developing our value proposition by factoring in the benefits offered by green projects. We trust that such partnerships, built on a sustainable basis, will become a model for the market,” stated Çağri Memişoğlu, Deputy General Manager at Garanti BBVA Romania.