OREANDA-NEWS. September 04, 2013. Sberbank CIB1 has become the financial partner of Barkli Corporation as part of its project to construct the premium-class residential complex Barkli Residence.

In accordance with the agreement reached by the companies, Barkli Corporation will be provided with a line of credit of over RUB 3.3 bln. The total size of investment in the construction of the residential complex is around RUB 5 bln. The funds for the project will be provided as part of a four-year credit line.

Barkli Residence is scheduled for completion in 2016. This residential complex with a total area of 37,241 square metres will be built in Moscow on the intersection of Ordzhonikidze Street and Shabolovskaya Street, a two-minute drive from Leninsky Prospekt.

The complex will accommodate 154 apartments and its infrastructure will include a fitness centre, bank branch, children’s centre, shopping area, beauty salon and a 352-car secure underground parking lot.

The concept of Barkli Residence is authored by legendary American firm Robert A.M. Stern Architects (RAMSA). Stern created the project according to which New York’s most prestigious residential building – 15 Central Park West in Manhattan – was constructed. The firm’s portfolio also includes over 400 properties in 25 countries worldwide. Barkli Residence RC is Stern’s first Moscow project.

Andrey Tyatso, General Director of Barkli Corporation, commented “We have been working with Sberbank for an extensive period of time. For more than five years the bank has been financing our construction projects and offering favourable mortgage lending conditions. Under our agreement for Barkli Residence we offer the following special conditions: loan period of up to 30 years, minimum initial instalment of 10%. I am positive that this option will be popular among our buyers.”

Dmitry Kanushkin, Head of Real Estate Finance Division, Managing Director at Sberbank CIB, said “We have a long and successful track record of working with Barkli Corporation. During this period of cooperation we have repeatedly been convinced of the reliability of our partner, its highly professional team and the market demand for its projects.”