SBERBANK TO PROVIDE AROUND RUB 6 BILLION IN FINANCING FOR THE CONSTRUCTION OF THE PRAVDA APARTMENT COMPLEX14/07/2020
Sberbank and PSN Group have signed a loan agreement on project financing for the construction of the Pravda apartment complex. The total amount of the loan is RUB 5.9 billion. The loan term is the end of Q2 2023.
Financing will be carried out through settlements under equity participation agreements through escrow accounts under Federal Law 214-FZ, which will protect buyer funds.
Natalya Shemanovskaya, Managing Director and Head of the Real Estate Division of Sberbank CIB’s Largest Clients Coverage Department, noted:
“We first worked with PSN Group in 2011, and we have already financed four of the company’s projects that were worth a total of more than RUB 32 billion. The Pravda Residential Complex is distinguished by its good location and interesting architectural design. It combines everything that is necessary for the successful construction and sales. Sberbank is always glad to support its partners with similar projects through the provision of convenient and advantageous financing mechanisms, which are just what customers need given the current situation.”
The Pravda complex will be constructed in Moscow along the street of the same name, near the Belorusskaya metro station. The grounds used to belong to one of the oldest publishing houses in the country. The project will offer 439 apartments with a total floor space of over 30,000 square meters. The developer plans to use the 2.6-hectare plot to build two 21-story towers connected by a green terrace on the sixth floor level. Underneath the complex there will be a two-level underground parking. More than half of the site will be dedicated to a park with landscaping.
Alim Geshev, President of PSN Group, commented:
“The Pravda apartment complex will be the fifth PSN Group project to be financed by Sberbank. At the same time, it is the first property that we will develop using escrow accounts, which will provide future investors with an additional guarantee of the reliability and transparency of the buying process.”
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