Romanian developer Exigent Property Investment has secured a bank loan of €57.8 million from OTP for the construction of the first phase of its Exigent Plaza Residence complex in Bucharest.
The bank also granted a separate funding line of around €10 million for VAT coverage in the same project.
The newly funded phase will include 1,288 apartments and will be added to the existing stock of around 6,000 apartments in the complex. OTP’s funding for the previous phases of the complex has exceeded €100 million.
The developer is part of Alfa Group, whose founder is Alin Niculae. Akcent Development, another real estate company, is a member of the same group. To date, Alfa Group has delivered over 10,000 and several office buildings.
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