OREANDA-NEWS. Sberbank CIB has organised financing worth RUB 16.7 bln for a term of five years for the project to construct Red Side, a premium-class residential complex in Moscow's Krasnaya Presnya neighbourhood.

The project involves the construction of an approximately 200,000 m2 residential quarter with its own infrastructure. Construction is scheduled for completion by 2017.

The borrowed funds will be used to finance the construction costs of the residential complex. An understanding on providing mortgages to consumers who wish to acquire under-construction or finished accommodation has been reached under a partnership agreement with Sberbank of Russia.

Consulting firm IPT Group acted as the legal and financial consultant for the Red Side project.

"Red Side Residential Complex is a property with a special concept, the format of which has rapidly gained popularity on the Moscow real estate market in recent years," commented Natalia Ermakova, Head of the Corporate Clients Division's Industrial Unit, Client Management Department, Managing Director at Sberbank CIB. "This complex features high-quality construction combined with interesting architectural decisions, a favourable location and developed internal infrastructure in the spirit of a modern metropolis. We are positive about the future of this project; Sberbank intends to participate not only as a creditor, but also as a key partner in providing mortgage lending to potential homeowners."