Blog
Devon’s first project, Fully Repaid
We are pleased to share another significant milestone: our very first project has been fully repaid.
The Villa Astor project, launched as the opening investment opportunity on Devon, has now been completed, with the full principal amount of €199,174.93 (including compound interest) paid to 87 lenders.
About the Villa Astor project
Villa Astor is a completed residential development in the Melluži district of Jūrmala, Latvia, only 300 meters from the Baltic Sea. Melluži is one of the quietest and greenest areas of Jūrmala, combining seaside calm, fresh air, and convenient access to city infrastructure.
The project financed the acquisition of an 85 m² apartment within the newly constructed 24-unit complex, commissioned in 2024.
Key details:
- Funding amount: €195,000
- Principal amount paid: €199,174.93
- Total interest paid: €10,024.13
- Interest rate: 9% p.a.
- Interest payouts: daily
- Security: Senior loan
- Project type: Rental
- LTV: up to 70%
- Property status: Fully built and commissioned in 2024
“Keeping our promises and delivering on time is one of the core values of our company. We achieve this by working closely with our partners, lenders, and all stakeholders involved,” reflects Jānis Legzdiņš, CEO of MJL Enterprises.
You may like these articles
Operations overview / August
August was an important month for Devon, with progress across both the platform’s regulatory foundation and its underlying development portfolio. A key milestone was the publication of the KPMG Germany legal opinion, providing further clarity on Devon’s loan structure and its treatment under German regulatory requirements.
Executive Summary - KPMG Germany Legal Opinion
KPMG Germany has conducted a legal assessment of Devon’s loan structure and contractual framework under the applicable German regulatory requirements, with particular focus on whether Devon could be classified as conducting deposit-taking business. Below is a summary of KPMG’s general findings and regulatory conclusions.
Operations overview / July
July was focused on strengthening Devon's legal, operational, and long-term strategic foundation. During the month, we shared the roadmap for the platform's next phase, including the upcoming legal opinion from KPMG Germany, preparations for AIFM and ECSP licensing, and the planned migration to the next-generation platform. Alongside these strategic initiatives, our development pipeline continued to progress, with several projects advancing through planning, construction, sales, and financing stages.