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New construction financing and launch of marketing for residential development in St. Petersburg

MirLand wholly owned subsidiary Petra 8 LLC has today entered into a loan agreement with SberBank of Russia Bank, for the provision of a line of credit of approximately $41 million. The purpose of the Loan is to finance the construction of 510 apartments, comprising the first phase of MirLand’s flagship “Triumph Park” mixed use residential development in St. Petersburg.The Loan comprises approximately 70% of the cost of building the first phase of the project and will be provided to Petra in installments over the course of 16 months. The Loan is secured by various mortgages, charges, pledges and other customary security interests for the benefit of the Bank and entered into by Petra and the Company. The Loan is required to be repai...[…]