BCR lends money INR Management Real Estate for the completion of "Silver Mountain"

Work on residential project "Silver Mountain" in Poiana Braşov will speed up in the coming period, as INR Management Real Estate, the developer of the project, has received additional funding from BCR (Romanian Commercial Bank), which will allow the completion of the current stage of the project.

According to a press release sent to our editors, the loan that BCR granted INR is one of the largest real estate loans given out this year in Romania.

Anca Rusu, Operations Manager of INR Management Real Estate, stated the following for our newspaper: "The loan taken out from BCR amounts to 75 million Euros. Four blocks which contain around 200 apartments are currently under construction". The investment has a total value of 140 million Euros, of which 75 million went into the residential buildings.

The partnership with BCR for funding the largest investment in the major areas of tourist interest in Romania began in 2006 and will allow the completion of the current stage of the project. Once ready, Silver Mountain will provide its residents with facilities such as spa and golf courses, shopping areas, restaurants, cinemas, a golf course and the opportunity to indulge in playing sports such as tennis, skiing, swimming, horse riding.

Silver Mountain is designed as an exclusive complex where you can buy apartments or villas. The 18-hole golf course spans 44 hectares. The tennis club will be run by famed Romanian tennis player Ilie Năstase, and the residential area is located near a luxury hotel run by the Radisson chain.

Moreover, the features of the complex include indoor/outdoor pool, wellness spa and medical treatment center, conference rooms, ice skating rink, casino, cinema, restaurants, heliport etc.

Two months ago, developers of Silver Mountain made the decision to postpone the construction of the Radisson hotel until 2011. Anca Rusu said that putting the construction of the hotel on hold does not mean that the hotel will no longer be built: "We will not change the concept of the resort in any way and we will build everything that was promised. We have simply adapted the execution schedule to the current market conditions". The investment in the hotel alone will amount to 50 million Euros, with the entire residential project estimated to cost 350 - 400 million Euros.

The residential project involves the construction of 15 villas and 600 apartments, which will span 88 hectares. The Radisson-branded hotel, the construction of which has been put on hold but not cancelled, was intended to feature 186 rooms, a wellness spa center run by E"Spa England, two restaurants and two bars, fifteen 500-seat conference rooms and a shopping area.