Iztok Parkside EOOD, a development subsidiary of Arco Vara AS in Bulgaria, has signed an investment loan agreement with Raiffeisenbank Bulgaria EAD in the amount of EUR 4.9 million for financing the development of the Iztok Parkside project.
The deadline for loan repayment is June 2019. In addition to the investment loan, Iztok Parkside EOOD has also signed a revolving loan agreement with Raiffeisenbank Bulgaria for covering ongoing VAT payments on development costs. These two loan contracts together will secure 100% financing of costs until full project completion.
Raiffesienbank Bulgaria EAD was chosen as the most favourable creditor out of four bidders.
Iztok Parkside is a residential development project in the highly valued Iztok district of Sofia, neighbouring Novachnitsa river and future Japanese gardens, with various entertainment facilities, schools, kindergartens, subway and other transport connections in the vicinity. The Project foresees 3 buildings with a total of 68 apartments and 7730m2 gross sellable area (plus 17 underground garages). Construction and presales are planned to start in Q4 2016.