Romanian developer Impact, controlled by local businessman Gheorghe Iaciu, borrowed RON 34 million (EUR 7 mln) under two loans from First Bank to continue developing its Greenfield Baneasa residential project in the northern part of Bucharest.

The company will use the money to build three new apartment buildings.

At the end of last year, the company announced that it sold almost all the apartments built in the first three phases of the Greenfield Baneasa complex.

In January, it signed two contracts worth EUR 18.4 mln with local construction company Electrogrup for five new apartment buildings in Greenfield Baneasa.

The five blocks comprise an additional 406 apartments. They are part of a total of 14 blocks and 1,167 apartments envisaged in the project's new development phase.

The total value of the investment amounts to EUR 26.6 mln (including VAT).

(Photo: George Oprea/ Dreamstime)

andrei@romania-insider.com