Follow the project progress from Insider Updates blog article - https://blog.reinvest24.com/insider-updates-on-seven-heaven-development-project

• Category - Development project (Bullet)
• Payment frequency - Interest payouts every 6 months
• Collateral - Owned by SPV, secured with mortgage
• Country - Latvia
  

The land plot will be owned by our SPV and the residential units will be fully developed and managed by Reinvest24, in partnership with an experienced construction company.

The Area
The Seven Heaven is a Modern 3-building residential and commercial complex, located almost in the center of Riga, the capital city of Latvia. The concept of the complex is to combine an out-of-town house feeling with still being located in the city center charm. It is located at the beginning of Miera Street, next to Brivibas Street.

Nearby there are apartment houses, commercial buildings, shops, cafes, schools and other infrastructures. The best advantage of this location is quietness, hidden but yet proximity to all the main locations in the city center.

As per public transportation to the center and the living neighbourhoods, it is conveniently provided by a number of buses, trams and trolleybuses along Brivibas street. Also, Miera street possesses the nearest public transport stops. But if the walks are preferred - then the Old town of Riga and the Central Station will be just 20 minutes away.

The property
The complex will consist of three buildings – a 7-story residential building and two low-rise buildings with a cafe and shops. The total size of the land plot is 2109 square meters. It is planned that the residential building will have 29 apartments. The Seven Heaven complex is planned to be built as a club-type housing: thus, the buildings will have a high level of security, the neighbours of the residence will know each other, in the yard there will be a children's playground and a flower garden.

Each apartment in this house is unique in its own way. The area of each will vary from 49 to 160 m2. On the last floor, there will be two-level penthouses. From here a beautiful panorama of the old center will open to future residents. On the roof – spacious green terraces, where the owners of the penthouse will be able to relax, do sports and spend time with friends. The main idea of the complex is to provide its inhabitants with as much greenery as possible. It is planned to install a winter garden, a “smart house” system and also develop underground parking for the future residents.

The residential house is separated from Miera street by two-and three-storey (260m2 and 390m2) buildings, in which commercial premises will be offered for rent. The preferable tenants for the commercial spaces will be banks, restaurants, cafes, luxurious shops, art exhibitions or service centers. The 2-storey building already exists and it is a historical heritage of the city.

The architect of this project is one of the most known, honoured and successful architects in Latvia - Andris Kronbergs. The majority of the most beautiful modern buildings in Riga and the cities nearby are the gems of his extraordinary imagination and hard work. He is a unique phenomenon in Latvian architecture and was awarded 5 times with the Main Architectural award of the Year. For example, the Development of Latvian Airport, Central Bank building, Riga Plaza, Lofts&Rosegold and The Philosopher's residence - these are only a couple of his projects.

Specification of the buildings: 

• The land plot area - 2109 m2
• The total area of the apartments - 3632.6 m2
• Total commercial spaces - 478.8 m2
• Underground parking space - 1653.8 m2 (46 spaces)
  
  

What is a development project?
This is a loan type that is used to purchase a land plot or property in order to build and sell it. It is important to mention that this loan type is more similar to our rental projects, rather than development loans. It means that we don’t lend money to a 3rd party, but purchase the property and manage the process in a similar way we do with our rental properties.