Russia’s SperBank is to provide a $41m (€30m) line of credit to a wholly owned subsidiary of London-listed Russian developer Mirland to finance construction of a mixed-use development in St Petersburg.
Mirland subsidiary Petra 8 has agreed the loan to fund the construction of the first phase of Mirland’s flagship Triumph Park scheme, which will provide 510 apartments. The loan will cover 70% of the first-phase building costs and will be drawn down in installments over 16 months. It is secured by a range of mortgages, charges and pledges and is repayable within three years.
Mirland has begun the sales campaign for the development, which occupies a 40ha site. The first phase, due for completion by mid 2013, has a net saleable area of 26,500 m2 of residential space with 1,200 m2 of retail space. The whole scheme will provide 9,000 apartments, 58,000 m2 of retail space and 60,000 m2 of offices and is scheduled for completion by 2019.
