Sberbank to finance construction of Rezhissyor housing estate in Moscow for more than RUB 11 bln
Sberbank will finance FGC Group for the construction of the Rezhissyor business-class housing estate in the north-east of Moscow. As part of the project financing, the customer will receive a RUB 11.4 bln line of credit for four years and nine months.
Natalya Shemanovskaya, Managing Director and Head of Real Estate Client Coverage, Sberbank:
“We are glad to further expand cooperation with FGC Group in the housing finance using escrow accounts. The Rezhissyor housing estate is the fourth project in our portfolio. Taking it into account, the total volume of contracts concluded with the group will exceed RUB 40 bln. The volume of financing for this project is over RUB 11 bln. Financing of developers through escrow accounts is one of the bank’s priorities. This mechanism enables buyers to minimize risks when buying real estate and lets developers have a financial source to implement new projects.”
Vladimir Voronin, President, FGK Group:
“The Rezhissyor housing estate is the second project in the business class segment which we marketed this year. This housing estate is being built according to new rules using a line of credit from the largest bank in the country. Thanks to this financial model, we no longer depend on the funds of the participants of shared construction directly, which means that regardless of demand, the real estate piece will be completed in accordance with the announced terms. The Rezhissyor housing estate is carefully designed and meets the latest trends in high-end housing.”
Rezhissyor is a housing estate consisting of three buildings of different heights: 29, 38, and 48 floors, with a total floor area of 96,784 m2. It will be built in a plot of 1.7 ha on Wilhelm Pieck Street in the North-Eastern District of Moscow, 200 m from VDNKh and close to the Gerasimov Institute of Cinematography.