Russian listed residential and commercial property developer Mirland has been granted a new $41 mln (EUR 30 mln) credit line from local lender SberBank.

The loan will be used to finance the construction of 510 apartments, comprising the first phase of Mirland's flagship Triumph Park mixed-use development in St. Petersburg. The facility will be provided in instalments over a 16-month period and will be repaid within three years.

The first phase will offer 26,500 m2 of housing, 1,200 m2 of retail space and two levels of underground parking providing 194 spaces. Completion of Phase I is planned for Q2 2013. Mirland said it has mandated Peterburgskaya Nedvizhimost to market the first phase.

On completion of the entire development, expected by 2019, Triumph Park will comprise 9,000 apartments, 58,000 m2 of retail space and 60,000 m2 of offices.