STC Partners obtains financing for the first phase of Quartier Azuga residential project

Real estate developer STC Partners obtains bank financing from Banca Transilvania for the development of the first phase of the residential complex Quartier Azuga, located in the Doamna Ghica area in Bucharest, worth 6 million Euros.

The first phase of the project will include two buildings with a total of 93 apartments, from double studios to 4-room apartments, including apartments with gardens or penthouses, and will be completed in the first half of 2024 with the first residents expected to move in the third quarter of 2024, followed by phase II in parallel and with a target for completion of the entire project in the first part of 2025.

“The financing approval gives us even greater confidence in the market in which we operate, and not only that, because these are positive signs for the overall economy. Also, the partnership signed with Banca Transilvania confirms again the quality of the residential complex that we are going to deliver and represents an excellent opportunity for future residents of Quartier Azuga to benefit from preferential mortgage lending offers through Banca Transilvania. In addition, bank financing is completing the financial sources necessary to deliver the residential complex at the projected qualitative parameters”, says Adi Steiner, Managing Partner, STC Partners.

Launched at the end of the summer of 2022, the first phase of the project is over 30% sold, with certain types of units already sold out. “Banca Transilvania is close to its clients in the real estate sector, to which we offer the necessary financial support. We have seen in Quartier Azuga such a quality project and we are glad that we can contribute to the development of a new residential community in Bucharest”, says Cosmin Calin, Executive Director Large Corporate, Banca Transilvania

The Quartier Azuga compound comes with a wide range of benefits, including high energy efficiency.  The Green Homes pre-certification, already obtained since September 2022, and the nZEB standard ensure up to 70% savings in gas and electricity bill costs, low carbon emissions, low common costs, favourable conditions for accessing a bank loan for apartment purchase and the prospect of reduced taxation in the future.