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Thursday, June 21, 2018

Okhta Group, VTB strengthen relationship

VTB recently approved a credit line of up to $23.6 million for Aleksandrovsky LLC, a unit of the Okhta Group of real estate development and management companies, for a project in Petrozavodsk.

Together with a $25 million deal signed with Okhta Group company Osobnyak LLC to co-finance the construction of a residential building in St. Petersburg, VTB Bank's total loans to the group's development projects will exceed $47.2 million.

The increased credit line will be available until the end of 2015.

Okhta Group will use the loans to finance the construction of residential blocks in the Aleksandrovsky development of Petrovskaya Sloboda, a brownfield mixed-use project in the historical and cultural center of Petrozavodsk near Lake Onega.

The low-rise Aleksandrovsky development will consist of three five-story solid-cast brick buildings with 260 apartments, a childcare center and outdoor parking for 150 vehicles. The first stage of the project is due to be completed in the second quarter and the second stage in the third quarter of 2015.

Petrovskaya Sloboda is a former tractor plant. Okhta Group is applying a comprehensive approach to the brownfield development project, which means preserving historical structures while building new property and planning public spaces.