Insider updates on Eberswalde rental and renovation project

• Category: Development project
• Annual interest: 12%
• Payment frequency: Monthly interest payments
• Collateral: Owned by SPV, secured with mortgage
• Duration: 12 months
• Country: Germany
   

With this project, we open a new market for investing in real estate - Germany.

The Area
Eberswalde is a town of the Barnim district in Brandenburg (DE) and is located about 50 km northeast of Berlin (about 30 km from the border with Berlin). The city has a population of 41.5 thousand inhabitants and its area is 58.20 km2. The distance from Eberswalde to the German-Polish border in a straight line is about 20 km.

The town is located in a picturesque rural area between lakes and rivers and close to the Schorfheide forest landscape, which is considered to be Germany's largest forest.

It’s infrastructure includes schools, gymnasiums, large grocery stores (Kaufland, Lidl, Net, Penny Market, Real), restaurants, cafes, bars, a sports hall, kindergartens, a swimming pool with a sauna and slides for children, a zoo and a nature reserve with large beautiful lakes, with hiking trails and parks throughout the city.

According to the Brandenburg state funding strategy, Eberswalde is classified as a "Regional Growth Core", making it one of the 15 premium locations in the Brandenburg state that benefit from maximum assistance. The most developed industries of the city are healthcare, logistics, and woodworking.

The property
The object is a combination of two buildings, on the land plot with a total area of 2498 sqm. One of the buildings is on the street side (502.1 sqm) and the second building in the courtyard (305.5 sqm), which are connected by big garages with 3 parking slots. At the courtyard building there is another garage, which was equipped for the economic needs of the object.

In the street side building, renovation and construction works were carried out in 2015. The works included the repair of the roof, facade, including the replacement of windows, heating, water supply and electricity. The building has 3 floors and 14 rooms with 40 beds. Each room is equipped with a separate bathroom. On the ground floor, which occupies 168 m2, it is planned to place a reception and a restaurant.

It is planned to continue with renovation works, making a second fire exit, refreshing the facade painting, as well as equipping the reception and restaurant.

The courtyard building was built in 2016 and consists of 2 floors and 5 rooms (two rooms are equipped with their own kitchen). The construction process of it was suspended due to the lack of funds from the previous owner. At the moment, the object is completed for 70%. It remains to perform the following works:

1. Completion of facade works – 10%.
2. Carrying out works on electrical installation, heating,waterand sewerage – the second cycle (cable and pipes are laid, wiring on points is made).
3. Painting of walls and ceilings.
4. Interior doors.
5. Tile work.
6. Laying laminateflooring.
7. Bath Equipment andfittings.
8. Furniture and kitchen equipment.
9. Works on the improvement of the territory.