- Fast-exit project: The project owner plans to complete renovation works within 6 months and start signing notarial purchase agreements with buyers as early as October–November this year.
- Experienced developer: The project is being developed by an experienced real estate developer who has successfully completed and sold several projects in Lithuania and Riga. The total developed area amounts to approximately 5,700 m². These include residential and commercial properties. To ensure smooth project implementation in Riga, a local developer has been engaged as a partner, with experience in similar renovation projects and having completed approximately 4,000 m² of such developments.
- Favorable market conditions: The Riga real estate market is showing growth trends – in 2025, the highest number of apartment purchase-sale transactions was recorded. At the same time, steady price growth (around 5% annually) and increasing rental prices (6–9%) are observed, indicating strong demand for both acquisition and investment. Such market dynamics create favorable conditions for successful project realization.
- Equity contribution: The project owner plans to invest 250,000 EUR into the overall project implementation, which represents approximately 22% of the total planned project costs.
About the Project:
“Brooklyn Gates” is a residential project in Riga involving the renovation of a Neo-Gothic building constructed in 1901 and its adaptation to modern needs, while preserving its authenticity and creating functional, market-demanded housing. The building is located at Daugavpils iela 57, in the central part of Riga, where demand for residential housing is growing and the surrounding area is undergoing revitalization.
The building consists of 36 apartments and 2 commercial premises. The total area of the building is 1,820.90 m², of which the saleable area amounts to 1,326.70 m²: 1,236.80 m² of apartments and 89.90 m² of commercial premises. The project owner plans to renovate the building façade in accordance with heritage requirements, fully reconstructing decorative elements and installing façade lighting, as well as replacing windows and external doors and repairing existing windows. A new gas heating unit will be installed, district heating supply with individual metering will be introduced to each apartment, and the entire building’s water supply and sewage systems will be replaced. Water and sewage connections will be brought to each apartment, and each unit will be equipped with an individual electrical input cable. New apartment units will be formed and registered as compact 25–35 m² apartments, which will be sold to end buyers.
It is projected that total project sales revenue will reach EUR 1,746,800. The project owner has already signed a preliminary purchase–sale agreement and paid an advance, and is also investing own funds. In total, the project owner plans to invest EUR 250,000 of equity.
The aim is for this project not only to become the “gateway face” of the former Maskačka district but also to change the perception of the district’s name among Riga residents.
The project is developed by an experienced real estate developer who has implemented multiple projects in Lithuania, including “Vievis Hotel I” (800 m²) and “V9 Biržai” (900 m²). To ensure smooth project execution in Riga, the project owner has partnered with a local real estate developer – SIA 1:37. The company has implemented several similar renovation projects in Riga with a total area of approximately 4,000 m².
At this stage, the funds raised will be used for the development of the project.
Loan information:
The loan will be repaid from property sales proceeds or through refinancing with another credit institution. Interest will be paid from advance payments and/or the company’s operating income.
Maximum financing amount: 700 000 EUR (Already raised 414 000 EUR). The project is financed based on the current valuation of the pledged asset until it reaches the maximum loan-to-value (LTV) ratio. Upon reaching the maximum LTV, a new valuation must be conducted, and further project financing stages will be announced and raised only if the maximum LTV is not exceeded.
The targeted amount is planned to be raised within 7 days, with a possibility to extend up to 30 days if the funds are not fully collected.
About the Profitus
Profitus is a crowdfunding and investment platform with a minimum investment of 100 euros. Profitus investments are secured by real estate mortgages, Your investment is secured by a first or second mortgage on the property, as well as by other collateral (e.g. a surety or guarantee). Transactions are managed through Lemonway, a regulated payment service provider.
Profitus is a crowdfunding and investment platform whose main goal is to make investment available to everyone. Investments start at 100 euros, and the platform is open 24/7. Investments are secured by pledging real estate and other collateral (e.g., indemnity or warranty). Different projects have different security tools that users can access in self-service for each project.
Profitus consults with the Bank of Lithuania in order to ensure perfect compliance with the law. Profitus operates with Lemonway, a regulated payment service provider.
