BluOr Bank provides EUR 4 million in financing for the renovation of the “Tērbatas Lofti” residential quarter in central Riga

BluOr Bank has granted a EUR 4 million loan to real estate developer MJL Development for the renovation of the “Tērbatas Lofti” residential quarter in central Riga. With financing from the Bank, a complex of five historic buildings at 75 Tērbatas Street will be renovated, creating 67 modern apartments and an improved residential environment. The project will make a significant contribution to preserving Riga’s historic architecture and expanding the city’s housing stock.

The financing is part of BluOr Bank’s strategic activity in the real estate sector, supporting promising development projects and contributing to the creation of high-quality living environments in Latvia. The Bank continues to strengthen its cooperation with local real estate developers by offering individually tailored financing solutions for projects of various scales.

The “Tērbatas Lofti” residential quarter will combine the character of historic industrial architecture with the requirements of modern living. The renovation will preserve authentic architectural details, restore the façades and adapt former industrial premises for residential use. In this way, new homes will be created in central Riga while preserving the city’s historic heritage.

“The financing granted demonstrates our confidence both in the concept of the Tērbatas Lofti project and in MJL Development as a developer. We see the project as an opportunity to restore a historic building complex in an attractive location in central Riga and create high-quality homes with a distinctive character. As a financing partner, we consider not only the project concept, but also the developer’s professional approach, the experience of its team and a clear implementation plan. We appreciate MJL Development’s vision of combining the preservation of historic architecture with the requirements of modern living and are pleased to support a project that will contribute to the development of central Riga,” says Tatjana Boksberga, Senior Credit Project Manager at BluOr Bank.

The project will include 67 apartments ranging from one to four rooms and from 15 to 109 m² in size, including two-level loft-style homes with high ceilings and large windows. Additional amenities within the quarter will include storage rooms, secure bicycle storage and a co-working space for residents.

Apartment reservations have already begun, with prices starting from EUR 65,000 for homes with full interior finishing. Construction work on the first phase is scheduled to begin in November 2026 and is expected to be completed in less than ten months. The renovation of the entire quarter is planned to be completed within 16 months from the start of construction.

MJL Development is a locally owned real estate developer focused on implementing innovative and energy-efficient projects. The company’s portfolio includes residential properties in Riga, Jūrmala and Jelgava.

BluOr Bank is actively involved in the development of Latvia’s real estate market, providing financing to businesses both for the implementation of new projects and for the renovation and further development of existing properties. The Bank’s approach is based on the individual assessment of each project, long-term cooperation and financing solutions tailored to the needs of each business.

At the same time, BluOr Bank offers attractive mortgage loan terms for home purchases. Private customers can benefit from competitive interest rates, loan terms of up to 30 years and financing of up to 95% of the property value with an ALTUM guarantee, subject to the programme’s eligibility criteria. The Bank also offers individual solutions for customers with non-standard sources of income and the option to apply for financing remotely.

By supporting projects such as “Tērbatas Lofti”, BluOr Bank reinforces its role as a reliable financial partner for both real estate developers and homebuyers, encouraging investment in Latvia’s real estate market and contributing to the development of a modern urban environment.

Read more about the project financing in the Dienas Bizness article.