Russian developer Mirland has secured a $49 mln (€35 mln) loan from the Bank of Moscow to refinance its Vernissage Mall project in Yaroslav.
Russian developer Mirland has secured a $49 mln (€35 mln) loan from the Bank of Moscow to refinance its Vernissage Mall project in Yaroslav.
The seven-year loan will be used primarily to repay an outstanding loan in the amount of $22 mln from Gazprom Bank. As part of the loan agreement, Mirland committed to maintain the asset's loan-to-value ratio below 70% and its occupancy rate at over 90%.
The Vernissage Mall project is currently 50.5% owned by Mirland through a subsidiary. The Russian developer plans to take full control of the scheme in the near future through the purchase of the remaining interest.