Setl Group Has a New Line of Credit Opened with BFA Bank for the Seven Capitals Residential Project
2014 february 17
Setl Group has had a line of credit opened with BFA Bank with the total limit of 3.5 billion roubles in the framework of the project funding for the construction of the 9th stage of the London residential estate and a school in the Vienna residential estate.
The line of credit is provided for the period till September 2017. Today the total limit of funding provided by BFA Bank for implementing the Seven Capitals project is 6.5 billion roubles. The London and Vienna estates are also accredited under the BFA Bank’s mortgage programs.
“BFA Bank is the main creditor of our Seven Capitals project in Kudrovo, in the framework of which the Vienna and London estates are being built,” Yan Izak, CEO of Setl Group says. “Our long-term partnership with BFA Bank in the field of residential real estate has made it possible for us to attract also borrowed funds for the construction of a social facility. This is the first experience of the kind for Setl Group.”
“Cooperation with reliable borrowers of the construction industry is one of important areas of BFA Bank’s activities. We appreciate the potential of joint work with Setl Group and have made a decision to fund both residential real estate and facilities that are significant for creating the estate’s infrastructure,” Denis Gumerov, Chairman of BFA Bank’s Board, notes.
The Seven Capitals project provides for the construction of 680,000 sq. m of housing, 7 kindergartens for 980 children, 2 schools for 1700 pupils, 4 sports venues, a Square of Europe promenade area, medical centers, as well as other shopping and service facilities.
Companies of Setl Group holding