Dubai-based Limitless and Moscow-based RDI Group have secured a Dh120 million, three-year financing deal, with Moscow’s Expobank for the continued construction of Zagorodny Kvartal, their mixed-use joint venture project near the Russian capital.
The funds will be used for phase one of Zagorodny Kvartal, which broke ground in late 2011, with preliminary work financed by the promoters.
Phase one, launched for sale in March, includes 700 apartments, 46 townhomes and extensive green, open space.
Work is already underway on three apartment buildings and the first group of townhouses.
Saeed Ahmed Saeed, CEO of Limitless, said: “This is a key milestone for the Zagorodny Kvartal project that allows us and our partner RDI to deliver a new style of development to Moscow: a walkable community where residents can step out of the city and into nature.”
Kirill Nifontov, CEO of Expobank, added: “This is a strategic partnership which we hope to strengthen and expand in the future. Housing construction today is a key industry for us.”
Located 24km north-west of Moscow, Zagorodny Kvartal, meaning Country Quarter, is being constructed alongside the Moscow Canal.
When completed, the project will span 111 hectares and accommodate 14,000 people.
Residential units for sale in Zagorodny Kvartal phase one include studios, one, two and three-bedroom apartments and two, three and four bedroom townhouses.