- Competitive advantage: There are currently very few new or modernly reconstructed apartment building projects in Telšiai, allowing “Fenikso namai” to occupy a rare niche in the local market and providing the project with a clear competitive advantage.
- Steady construction progress: Construction works are progressing consistently, ensuring steady development. Since the previous stage, the building’s external envelope has been fully enclosed and sealed – the third floor has been constructed, the roof has been installed and insulated, and all windows and glazed units have been fitted. Significant progress has also been made on the engineering systems – heating and electricity lines have been installed, while the internal water supply and sewage networks are nearly complete. Façade finishing works are currently nearing completion, with landscaping and interior works now commencing.
- Experienced developer: The project owner has successful experience in residential development in Telšiai and has a strong understanding of the local market and buyers’ needs.
Interest rates based on investment amount:
– From 100 EUR to 299 EUR – 9.00%
– From 300 EUR to 699 EUR – 9.25%
– From 700 EUR to 1 999 EUR – 9.50%
– From 2 000 EUR to 4 999 EUR – 9.75%
– From 5 000 EUR – 10.00%
Important: Separate investments are not aggregated and cannot be combined.
Project objective:
“Fenikso namai” is a residential development consisting of two modern three-storey apartment buildings in Telšiai, developed by reconstructing the former Youth School buildings and converting them for residential use. The phoenix is a symbol of rebirth, reflecting the core idea of the project – to bring a previously unused area back to life and create a modern residential environment close to the city’s infrastructure.
The project is being developed on a 57.16-are site, which the project owner acquired together with the existing buildings in 2021. In July 2025, a construction permit was obtained for the reconstruction of the buildings and their conversion to residential use. The buildings, previously connected by a gallery, have already been separated into two apartment blocks. Both buildings are designed with three storeys, with total areas of 1 492.82 m² and 1 494.19 m². Each building will comprise 20 apartments, resulting in a total of 40 apartments within the project. The planned apartments will have 2–4 rooms and range in size from 41–129 m². Storage units, bicycle storage areas and technical rooms are planned in the basements, while 47 above-ground parking spaces will be provided within the development. The apartments will be offered to buyers with partial fit-out.
Construction has been actively underway since August 2025. Since the previous financing stage, the building’s external envelope has been fully enclosed and sealed – the third floor has been constructed, the PVC roof has been installed and insulated, the building has been insulated, all windows and glazed units have been fitted, the staircases and basement floors have been concreted, and the perimeter fence has been completed. Significant progress has also been made on the engineering systems – external heating and electricity lines have been installed up to the apartments, the heating substation has been purchased, and the internal water supply and sewage networks are nearly complete. All apartment and staircase doors have already been manufactured.
Façade finishing works are currently nearing completion, while infrastructure and landscaping works are commencing – the basement access ramp is being formed, paving is being laid for parking spaces, the green areas are being landscaped, and balcony slopes are being formed. At the same time, works are moving inside the building, where underfloor heating will be installed and the floors will be concreted. Apartment sales are planned to commence in the near future, once the building and its surroundings have achieved their final presentable appearance. Registration and commissioning of the building at 100% completion are planned for March–April 2027.
Loan information:
The loan will be repaid from property sales proceeds, which are expected to amount to 1 549 577 EUR. Interest payments to investors will be made from advance payments.
Maximum planned project financing amount: 700 000 EUR (587 600 EUR already raised). The scheduled end date of the project loan agreement is 2027-12-08. Funds for the project may be raised in stages, and the duration of this financing stage is 12 months. The project is financed based on the current valuation of the pledged property until the established maximum loan-to-value (LTV) ratio is reached. Once the maximum LTV is reached, a new property valuation must be carried out, and further project financing stages will be announced and funded only if the established maximum LTV is not exceeded.
We plan to raise the target amount within 7 days, with the possibility of extending the fundraising period up to 30 days if the funds are not raised.
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.
