Pioneer Group of Companies has attracted a credit line in the North-Western Bank of Sberbank in the amount of 3.24 billion rubles (about $57 million), the press office of the credit institution said on Thursday.
The loan is granted for the period until September 2021. The interest rate is not specified.
Funds are intended to be used for the construction of an apart-hotel, which will include more than 1,000 apartments, as well as the building of infrastructure and landscaping of the adjacent area.
The complex is scheduled to be put in operation in the first quarter of 2020.
North-Western Bank of Sberbank operates in the territory of St. Petersburg, the Leningrad, Kaliningrad, Murmansk, Novgorod and Pskov regions, as well as in the Republic of Karelia.
Pioneer Group of Companies is engaged in construction of residential and commercial properties.
