Russian developer Mirland has entered into a new loan agreement with Sberbank to finance the third phase of a large residential project in St Petersburg.
Russian developer Mirland has entered into a new loan agreement with Sberbank to finance the third phase of a large residential project in St Petersburg.
The bank will provide a non-revolving credit line of up to $96 mln (€70 mln), representing 70% of the expected third-phase construction cost, to a Mirland subsidiary at the Triumph Park development with the balance financed from sale proceeds.
The debt facility matures in four years and will be provided in three tranches over the next three years.
Phase III of Triumph Park involves 63,000 m2 with 1,323 m2 of commercial space. It is due for completion in the second quarter of 2016.
Mirland has begun marketing the third phase and has pre-sold 135 of the 1,346 apartments, representing 10% of the development. This follows the marketing of the second phase of 630 units, which is over 75% pre-sold and scheduled to complete by Q4 2014. The first phase of 510 apartments has now been completed and sold and delivery is under way.
Triumph Park is the first eco-residential complex in St Petersburg to be certified to BREEAM standards. When the entire development is finished in 2020, Triumph Park will comprise over 9,000 apartments, 58,000 m2 of retail space, 60,000 m2 of offices and incorporate a range of public amenities such as kindergartens, schools and parks.
