January 17 (SeeNews) - Romanian real estate developer STC Partners said on Tuesday that it has borrowed 6 million euro ($6.5 million) from local lender Banca Transilvania [BSE:TLV] to develop the first phase of a residential complex in capital Bucharest.
The first phase of the Quartier Azuga complex will be completed in the first half of 2024, STC Partners said in a press release.
In its initial phase, the project will comprise 93 apartments spread across two buildings. The second and final stage of the development is planned for delivery in the first part of 2025.
STC Partners has completed the development of another residential complex in Bucharest, Quartier Gramont, in 2021.
Banca Transilvania shares traded 0.73% higher at 20.6 lei ($4.5/4.1 euro) as of 1357 CET on Tuesday on the Bucharest Stock Exchange.
(1 euro=4.9314 lei)
Banca Transilvania SA is among the biggest banks in SEE, for more reference take a look at Top 100 banks