News Article development financing Garanti Bank residential Romania Timisoara Wallberg
by Property Forum | Residential

Romanian developer Wallberg has secured a €5.8 million loan from Garanti Bank to finance the development of the XCity Towers project in Timisoara. XCity Towers it will be built in several stages, with a total of 955 apartments in 8 buildings. The total value of the project will exceed €62 million, of which the first stage will amount to €36 million.

XCity Towers will be developed in the northern area of Timisoara, near the Vox Technology Park office building. The first building, which has already been put up for sale, will include 135 apartments and an area of 542 sqm for commercial and office units. Construction began at the end of this summer and completion is scheduled for summer 2020.
”We are pleased to announce the extension of the partnership we have had with Garanti Bank since 2015. For us, it is essential to know that we can rely on a financial partner who understands and supports entrepreneurship that understands and responds to our needs in a timely manner, taking into account the dynamics of our business,” said Valentin Morar, CEO of Wallberg.