OREANDA-NEWS. On behalf of Sberbank, the Moskovksy Bank will open a credit line worth RUB 3.955 bln for S-Stroiperspektiv (part of the Morton Group) as part of project financing. The funds will be used to build Parade of the Planets residential complex in the Moscow Region city of Korolyov.

"With support from Sberbank, the Morton Group has constructed and continues to develop a number of major residential properties in Moscow and the Moscow Region," commented Svetlana Sagaidak, Senior Vice-President of Sberbank. "Despite the fact that the Russian construction industry is going through a challenging period, Sberbank continues to lend to reliable developers."

According to Yegor Khramov, Vice-President of Morton, Sberbank is the company's longstanding and trusted partner. "Thanks to credit facilities from Sberbank we have been able to complete more than 10 major projects with a combined area of over 1 million square metres. These are residential micro districts and major social and engineering infrastructure. Given the current conditions, project financing from a major Russian bank helps reassure buyers that construction will be completed according to schedule," commented Mr Khramov.

Parade of the Planets is a cast-in-situ comfort-class multi-section residential building and apartment complex. The total area of the residential complex is 85,285 square metres.

Morton Group specialises in building large-scale residential micro districts in Moscow and the neighbouring areas in the Moscow Region.