A condominium development project is underway in Falun, Sweden, with an estimated value of SEK 40 million invested in land acquisition, planning, and construction. The development, led by an experienced housing developer, comprises 22 condominiums located just five minutes from Falun's city center. The project, which began with the demolition of existing structures in May, is progressing with groundwork and excavation for VA lines, with slab casting scheduled for August 2024.

Eleven semi-detached houses within the project will be offered as condominiums, with an expected completion date in the summer of 2025. Priced between SEK 4 and 4.8 million, the project's total revenue value is projected at approximately SEK 123 million, resulting in a loan-to-value ratio of around 50%. Sales, managed by the local real estate agency Falun, have already secured reservations for half of the available homes ahead of the official sales launch, with financing options in place for interested buyers.

The development group behind the project boasts a track record of successful property ventures, having previously developed nearly 1,000 condominiums and repaid loans totaling SEK 40 million through Tessin. To support the ongoing construction, the company is seeking additional financing of up to SEK 2 million, with a 15-month loan term and an annual interest rate of 14%, secured by real estate assets.

Key strengths of this investment opportunity include the successful repayment of previous loans, confirmed offers for long-term financing, and the commencement of construction activities. With a focus on quality construction and strategic financial planning, this condominium project in Falun presents a promising opportunity for investors seeking a stake in Sweden's real estate market.