Progress: €300'000
The amount has been raised

Raugyklos g. 3, Vilnius

Content:

Project description
Property description
About the developer
Finances
Location

ABOUT THE PROJECT

Project description:

In the Old Town of Vilnius, near the Rūdninkų square, a historic building complex with a total area of ​​934 m2 will be renovated. The three buildings share a private courtyard. The complex will consist of commercial and residential premises. The first floor on the side of Raugyklos street is planned to be used for commercial premises and will be adapted for café shops in particular. The remaining space will be used for town-house type apartments with separate entrances from the inner courtyard.

 

The owner of the project plans to rent the complex for short and long term. Since the compound has the favourable layout and location in the city, the building is designed to meet the requirements for residential and office buildings (ventilation, heating, lighting, fire safety, etc.). Possibility for an alternative use will allow offering the project for a broader range of potential tenants, thus increasing the liquidity of the building and the resistance of the investment to market changes.


Estimated duration of the project - from construction permit issue to the submission of the building – 10 months. The loan period will be longer due to provisions for unforeseen changes to the construction schedule – 12 months. Röntgen and the bank will transfer the funds to the developer according to the construction completion acts that are approved by the building maintenance company, ensuring that all borrowed funds will be used to increase the value of the property.

Project financing rounds:

1) For the first three months of the project, the work will be carried out using the Röntgen loan. During this period, investors will receive a first-rank mortgage with LTV <30%.

 

2) Afterwards, the financing is supplemented by a bank loan. The first-rank mortgage is transferred to the bank and the investors receive a second-rank mortgage. The combined loan-to-mortgage ratio (CLTV) will be up to 60%.

 

Röntgen loan and interest payments are made at the end of the loan period as a one-time payment. It will be done by selling the apartment No.1 (the only apartment for sale). The residence  of 147 m2 will be sold for 2000 EUR/m2 or 296 000 EUR in total. The buyer of the apartment has already signed a preliminary purchase contract and made an advance payment.

Property description

Access: the building complex is located in the Margutis square, Old Town of Vilnius. It is situated next to Rūdninkų and Lazdynų Pelėdos squares, the main Old Town streets - Vokiečių and Didžioji and Vilnius Town Hall. All of the Old Town locations are within walking distance of the project. The nearby Pylimo and Kaunas streets ensure fast connection to the new city centre (Konstitucijos Avenue), the station, the airport and other main areas of the city.

 

Parking: residents will have a parking space reserved at Raugyklos g. 

 

Buildings: the property requires a major repair. The primary condition allowing for its implementation - the entire complex belongs to one owner. The project is intended to preserve the decorative elements of the building and the façade of Raugyklos street. The rest of the building will undergo capital reconstruction using up-to-date solutions.

 

Project: the building is designed to provide a simple conversion of residential and commercial premises. On the first floor, it is planned to set up two premises of 33 and 38 m2 for cafes. According to the needs of tenants, the remaining space will be designed and divided into 4-7 apartments or offices, the size of which will range from 80 to 350 m2.

About the developer

Project owner:  "Dviguba progresija" - real estate is not the main activity of the owner; therefore, a special project team has been built for this project:

 

Project management: BOLDS Property Partners (note: BOLDS is also one of the main shareholders of the Röntgen platform) is a real estate development and consulting company with a wide range of services: brokerage in estate buying/selling, market research and advisory services for tenant/landlord representation, commercial and residential estate development, build-to-suit projects, etc. BOLDS in Lithuania provides estate development services to companies such as Švaros Broliai, McDonald's or Neste. The company's founders and partners have many years of experience in the development, sale and rental of commercial and residential real estate in Lithuania and neighbouring countries. More information: www.bolds.lt

 

Architecture: "A keturi architektai" - a creative team of architects working with site and context analysis, designing aesthetical and functionality solutions. More information: www.aketuriarchitektai.lt

 

Engineering architecture: Viltekta is one of the oldest engineering design companies in Lithuania. The project portfolio of the company contains the construction and reconstruction of the Lithuanian hotel, the Opera and Ballet Theater, the sports and business center Forum Palace, the Vilnius Central Stadium, the transport tunnel under the Gediminas Avenue along the parliament, the MEGA shopping centre reconstruction and other. More information: www.vilteka.lt

 

Construction part: Indema. www.indema.lt

Röntgen risk evaluation

Criterion From 0 to 5
DSCR 2
LTV 3
EBITDA margin 3
Change in value 5
Developer finance 5
Capital structure 5
Location 5
Project type 5
Project duration 5
Market trends 4
Developer experience 5
Business plan 3
Risk classes
A+
A
A-
B+
B
B-
C+
C
C-
D+
D
D-
Investment rating
A-

The project assessment criteria are coordinated with the Bank of Lithuania. The rating is the platform operator's subjective assessment of the project risk. Röntgen rating is of an informative nature only and cannot be considered investment advice.

Finances

Information available only for registered users

Kapitalo struktūra
2372000

Nuosavas kapitalas
1072000
Banko paskola
1000000
"Röntgen" paskola
300000

Išlaidos
2372000

Turto įsigijimas
950000
Projektavimas
81000
Statybos
1176000
Projekto valdymas
105000
Finansavimo kaštai
60000

Pajamos

Dalies turto pardavimas
294000
Metinės nuomos pajamos (po dalies turto pardavimo)
122000
DSCR po dalie turto pardavimo
1.21
LTV projekto metu
30-60%
All prices are given without VAT

Safe investments

Second-rank mortgage
Bank funding

Investment return calculator

Investment

Annual interest:

10 %

Loan duration:

12 months

Growth:

9.86 %

Expected return:

0

Please be advised: this calculator is intended as a preliminary evaluation and is a tool of an illustrative nature only.

Information available only for registered users

Documents

  • Cashflow model.pdf
  • Floor plan (residential).pdf
  • Property valuation.pdf
  • Reference document 2018.01.08.pdf

Project development process

  • Gautas statybos leidimas
    2017-12-22
  • Projektas paskelbtas Röntgen
    2018-01-19
  • Surinkta visa investicijos suma
    2018-02-05
  • Turtas įkeistas investuotojų naudai
    2018-02-08
  • Pasirašyta rangos sutartis
    2018-03-16
  • Turtas apdraustas statybų bei civilinės atsakomybės draudimu
    2018-04-06
  • Baigti avarinės būklės šalinimo darbai
    2018-06-30
  • Pasirašyta bankinio finansavimo sutartis
    2018-07-16
  • Baigti griovimo darbai
    2018-08-30
  • Baigti archeologiniai tyrinėjimai
    2018-11-05
  • Įrengtas šilumos tinklų įvadas
    2018-11-10
  • Baigtas pamatų liejimas
    2018-11-12
  • Paskola sėkmingai grąžinta
    2019-01-31

Location

Raugyklos g. 3, Vilnius