VTB Bank will finance the additional construction of Setl City's MORE residential construction project in the Baltic Pearl district of St. Petersburg.
VTB bank will provide a credit facility with a $50 million limit until December 2015, which the company will use to fund construction of the first residential building. This is the third stage of the project.
The building will boast 607 units as well as commercial premises and three underground parking garages with capacity for 273 vehicles.
"VTB Bank is our strategic partner in the financing of our Baltic Pearl projects," CEO of SETL Group Yan Izak said. "We have repaid the previous credit facility taken out for the project's second stage two years early, at the same time as the bank is opening our new credit facility. This format of cooperation enables us to manage our borrowings efficiently within the existing limits offered by the bank."
The project will include five blocks of flats with a total area exceeding 100,000 square meters and underground parking for more than 1,000 cars.
The Baltic Pearl area is also home to new public service and retail infrastructure as well as a new school and kindergarten.
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