Arco Invest, the Bulgarian subsidiary of Estonian real estate company Arco Vara Group, secured a new 15.5 million euro loan to refinance existing debt contracted for the construction of its mixed-type Boulevard Residence project on Madrid Boulevard in central Sofia. The project is expected to be finished in the autumn of 2009 and would cost 20 million euro to build.
The new loan was contracted from Piraeus Bank Bulgaria, website investor.bg quoted unnamed sources from Arco Invest as saying.
Boulevard Residence will have a build area of 24 700 sq m, including 12 000 sq m of housing, 6100 sq m of commercial space and two underground levels.
It is Arco Invest's second project in the city, the first one being a gated compound in the Malinova Dolina borough in Sofia, which will cost 24 million euro. The compound will have a build area of 35 sq m, including 10 000 sq m of commercial space.
