The American Village Complex Has Entered Bankruptcy and Can Be Purchased for 9.3 Million Euros

The American Village residential complex, located in Pipera, has entered bankruptcy and has been put up for sale for the sum of 9.3 million euros. This amount represents 35% of the debt to BCR, the financier of the project developed by the company Mainrom Invest.

The project’s liquidator, Edge Business Restructuring, aims to sell 72 villas, six apartment buildings, and a club, totaling an area of approximately 50,000 square meters. The project involved the construction of 126 villas and six blocks with 254 apartments, with the investment amounting to 50 million euros. “The construction of the complex began in 2006, and the 126 villas are in various stages of development. In total, 72 villas are still available, given that we managed to sell another 12 units during insolvency. The six blocks are at the structure stage, and the club – a multifunctional spa center with a swimming pool, sports areas, children’s playgrounds, and restaurants – has been built but not completed. The starting price for negotiations is 9.3 million euros, but the sale will most likely be made at a price 10-20% lower than what we offered. Interested investors have proposed prices several tens of percent lower than the proposed value, but we believe that through negotiation we will reach a level convenient for both parties,” stated Corneliu Botnariuc, who also mentioned that he has started direct negotiations with 5-6 investors interested in buying the project.

Most residential projects that entered bankruptcy after the onset of the crisis were taken over in lieu of debt by the banks that financed them, with very few projects being taken over by investors to be completed.