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The Warsaw Voice » Real Estate » November 19, 2008
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Residential Market:
November 19, 2008   
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Orco Opens Show Apartment in Targówek
Developer Orco Property Group has opened a show apartment in its Klonowa Aleja estate in Warsaw's Targówek district. The 68-sq-m, three-room apartment showcases environmentally-friendly technology and interior-design options.

Nine four-story buildings make up this housing estate at the crossroads of Św. Wincentego and Malborska streets close to the capital's Trasa Toruńska artery. Construction began in the third quarter of last year. To date, the "shell stage" of the project has been completed and work on the facades is drawing to a close. Work is ongoing on the staircases, in some of the apartments and in recreational and common areas. The apartments are available for purchase in three standards of finishing and interior design: Exclusive, Prestige and Comfort.

Klonowa Aleja offers 284 apartments varying in size from 35 to 120 sq m. Each apartment has a terrace, balcony or garden. Comfort standard apartments sell for zl.7,750 per sq m. Completion is due in the third quarter of 2009.

Libeskind Designs Project for Gdańsk
International developer Landmark Group, which specializes in housing and commercial projects, intends to build a housing, office and retail complex of some 75,000 sq m in area on the Gdańsk coast at the confluence of the Motława and Vistula rivers. The project designer is world-renowned architect Daniel Libeskind, who is of Polish origin.

The project consists of 12 six- and seven-storied buildings and a 193-meter-high skyscraper, which would be a meter taller than Libeskind's building in Warsaw at 44 Złota Street. Its construction, however, requires changes to existing local land development plan.

Real-estate market mezzanine fund Griffin Property Finance has given the Landmark Group 14.5 million euros for the project. A mezzanine fund is a type of private equity. Since mezzanine funds contain debt, or debt-like instruments, those receiving the capital investment are compelled to make interest payments, therefore generating significant current income for the investor. The investor, besides receiving interest payments, shares in project profits.
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