OREANDA-NEWS. Sberbank CIB and Meridian Development, LLC have agreed on financing for the “Vremena Goda” residential complex in the amount of RUB 6.25 bln for five years.

The funds will be directed towards financing the first phase of the construction of the “Vremena Goda” residential complex located at 65 Moskovsky Prospect in Saint Petersburg (two-minute walk from the metro station “Frunzenskaya”).

Sberbank CIB arranged the financing for the deal.  The loan agreement was signed with UNIT, LLC, which is the builder of the project and like Meridian Development, LLC, is a subsidiary of the Meridian Capital Group.

The “Vremena Goda” residential complex is the latest development project in Saint Petersburg being undertaken by Meridian Development following the landmark “Galeria” shopping center which was realized with financing from Sberbank.

The total area of the “Vremena Goda” complex will be 134,000 sq. meters, of which 107,000 sq. meters will be living space. The complex will include two childcare centers with capacity for 150 children as well as a modern, heated parking garage with 690 parking spaces. The first building of the complex is scheduled to open during the fourth quarter of 2014.

The “Vremena Goda” project is accredited as part of Sberbank of Russia’s mortgage programs. Dmitry Kanushkin, Head of the Real Estate Finance Division, Managing Director of Sberbank CIB, commented: “During the time in which we worked together, our companies formed strong partnership relations. I am confident of the success of Meridian Development’s latest project, which is being carried out in Saint Petersburg’s dynamically-developing real estate market. The company possesses the necessary expertise and experience.”