Mirland secures financing for phase II of St Petersburg project

Russian real estate company Mirland has secured a loan of $47.5 mln (EUR 37 mln) via its Petra subsidiary to finance the construction of 630 apartments in the second phase of the Triumph Park mixed-use development in St Petersburg.

Sberbank of Russia provided the credit line which covers the outstanding 70% of the construction cost which was required.

Mirland has pre-sold 190 of the 630 units, representing approximately 30% of the phase, since launching the marketing process is September.

Some 480 of the 510 units in the first phase were pre-sold in less than 12 months. Total proceeds from both phases amounted to $85 mln. The first phase is due to be completed by Q2 2013.