Avance advises Ylva in relation to new development financing for the hotel and residential building of the Lyyra city block in Hakaniemi, Helsinki. The building is scheduled to be completed in early 2024. The financing in the debt transaction is provided by the latest Velo Capital fund – Velo Mezzanine Credit Fund (VMC) that is focused on green financing. Sustainability has been a key focus of the project. Once completed, Lyyra will be operationally carbon-neutral while ambitious targets have been set for reducing the carbon footprint of the construction phase.