Blog

Devon operations overview / November

November has been an exceptional month for MJL Enterprises. Great progress across all active projects, from Amber Park to Meira Garden and Tērbatas Loft, while our investor community kept growing strong. We welcomed 140 new lenders to the platform, bringing total monthly funding to €1,185,920.

The month also featured some special highlights, including the official opening of the Ganību iela 54 project in Jelgava, attended by key government and industry figures. At the same time, construction, design, and planning work advanced across all ongoing projects, setting up a strong foundation for the next stages of development.

MJL Group initiatives

• In early November, an official opening event was held at the Ganību iela 54 project site in Jelgava, bringing together key institutional and industry stakeholders. The event was attended by the Head of the European Commission Representation in Latvia, the Minister of Economics, and the Chairman of the Management Board of ALTUM, along with several other key partners and contributors involved in the project's development.

Funding and platform highlights

• In November, the funding volume reached €1,185,920, bringing the total to €6,737,117.
• One hundred forty (140) new active lenders have joined the platform, increasing the total number of active lenders to 945.
• The average interest rate has remained high at 16.17%.
• Interest earned by lenders in September was €127,175, bringing the total to €583,116.
• The average funding amount fluctuated to €7,013 per lender.

Devon project statuses

In November, MJL Enterprises continued progress on existing projects.

Meira Garden

• Earthworks have commenced on site, including initial soil excavation and the preparation of the main access road to ensure suitable conditions for the upcoming construction phases.
• The construction site has been fully established in accordance with regulatory requirements, including the installation of perimeter fencing and all other necessary site infrastructure required for the safe and compliant execution of construction activities.
• Updated internal layouts for the three-bedroom units have been finalised following a comprehensive re-planning process, and revised architectural drawings have been issued to reflect the improved configurations.
• The project’s electrical design is currently undergoing refinement, with technical improvements being implemented to optimise functionality, efficiency, and compliance with applicable standards.
• The project’s exterior and interior visualisations have been upgraded to align with the revised architectural layouts, ensuring full consistency between the design intent and the most recent planning updates.

Tērbatas Loft

• Potential construction partners have been shortlisted, and the project team is currently proceeding with the internal assessment and preliminary alignment of commercial and technical terms.
• Architectural visualisations remain in active development, with updated drafts being prepared to reflect the project’s refined architectural concept.
• The development of the project website has commenced, including the initial planning phase and the involvement of additional specialised partners to ensure high-quality execution and integration with marketing needs.
• Discussions regarding the financing of the construction works with Luminor Bank are ongoing, with negotiations focused on structuring an optimal financing framework for the project’s construction phase.

Amber Park

• Interior finishing works are nearing completion, with one residential unit.
• Staircase finishing works, including epoxy coating application, are ongoing and scheduled for completion in the near term.
• Staircase and apartment numbering elements, as well as mailbox units, have been ordered and are currently in production.
• Facade lighting works are approaching completion, and the illuminated project logo signage has been installed.
• Individual electrical connections for each apartment are being finalised, ensuring full readiness for commissioning.
• The refinancing of the senior debt facility with Luminor Bank is currently in progress.

Duntes Park / Stage 1

• Design and engineering activities continue to progress, with the architectural layout and technical documentation undergoing advanced refinement to ensure full compliance with regulatory requirements and alignment with the updated project scope and investor expectations.

Barona 92, Riga

• Construction activities at the property have advanced, with internal reconfiguration works actively underway. The installation of new partition walls is in progress in accordance with the approved structural and architectural plans.
• New windows have been installed throughout the premises, improving both energy efficiency and compliance with current building standards.
• Plumbing works are being initiated to provide the necessary utility connections for the newly planned bathroom, including water supply and drainage system installations.

White Amber

• Project design development is progressing steadily, with architectural and technical solutions being refined in accordance with the approved planning documentation and updated project scope.
• Interior visualisations have been further advanced to establish a cohesive design concept and ensure full alignment between aesthetic intentions and the project’s interior architecture.