Deloitte Legal's Reff & Associates has advised Belgian developer Speedwell in refinancing the loan granted by BRD Groupe Societe Generale for the development of the Record Park Offices project in Cluj-Napoca. Tuca Zbarcea & Asociatii advised the bank.
According to Reff & Associates, in 2018, BRD provided EUR 12.1 million in financing for the office component of the Record Park Offices project. That loan has now been refinanced by the bank and has reached EUR 22 million. The Record Park Offices project includes a residential component, offices and co-working areas, retail, and leisure spaces.
"The success of every project at Speedwell is a combination of the contribution of our super team, the support of our investors and financing institutions, and the involvement of our business partners," commented Speedwell CEO and Co-Founder Didier Balcaen. "Record Park mixed-use development project in Cluj is no exception. We thank all our partners for their support. It gives us greater confidence for what comes next as we are looking forward to extending our portfolio with similar developments."
"Deepest gratitude to our client Speedwell for their trust and collaboration and congratulations to the Reff & Associates team for their impeccable management of yet another project through which we support the real estate sector, one of the essential pillars of the local economy, currently in an obvious positive dynamic," added Reff & Associates Partner Andrei Burz-Pinzaru.
The Reff & Associates team consisted of Burz-Pinzaru, Managing Associate Patricia Enache, and Associate Danut Arion.
The Tuca Zbarcea team was led by Partner Mihai Dudoiu and included Managing Associate Catalin Georgescu.