News Article Budapest development financing Hungary OTP residential
by Property Forum | Residential

Hungarian lender OTP Bank is providing the largest project financing loan to date for the development of the Duna Terasz Grande apartment complex in Budapest. According to the financing agreement signed recently, OTP provides a HUF 23 billion (appr. €62.8 million) loan for developer D&B Ingatlanfejlesztő-Group. The 790-apartment project is the largest waterfront residential development in the 13th district. It will be handed over in 2023.

This is the largest project financing loan provided for the development of an apartment complex in Hungary to date.

The developer is currently working on the construction of the basement areas and on the construction of the garage, shops and common areas on the ground floor. After two months, 164 of the 464 homes offered for sale in the first phase were sold. This is slightly more than 35% of the units developed in the current phase and more than 20% of the total number of units planned.