OREANDA-NEWS. Sberbank provided a group of companies Ingrad a loan of 29.5 billion rubles for the construction of a residential quarter in the Danilovsky district of Moscow, which became the largest project finance deal in Russia, the bank’s press service said on Thursday.

“The deal that we concluded today is the largest not only for our company, but also for the entire industry as a whole after the transition to a new financing scheme for shared housing construction. In view of today's agreement, Ingrad has already attracted more than 80 billion since May of this year rubles of project financing from a number of the largest systemically important banks in the country, including about 36 billion rubles from Sberbank", said Pavel Poselenov, president of Ingrad Group of Companies, quoted by the bank’s press service.

The loan is granted under a strategic cooperation agreement between the bank and the developer. The residential quarter on Simonovskaya embankment is located in the historical part of the capital on the banks of the Moscow River. The concept of the residential complex involves the creation of a park, a boulevard and the improvement of the embankment.

Since July 1, 2019, Russian developers have lost the opportunity to attract money from equity holders directly. Funds of citizens invested in the purchase of housing will be stored in escrow bank accounts, while construction will be carried out through bank loans.