North West | Real estate | Finance, business

St. Pete apartments to be seized for developer’s debt?

26 Oct '09
St. Petersburg’s Baltiysky Bank threatens to legally seize more than 1,700 apartments in the city’s new residential complex in repayment of debt incurred by developer Stroimontazh that built the complex, the developer unveiled today. Most of the apartments have been reportedly purchased by clients already.

The developer owes the bank about $33m, of which $24m was invested in construction of the Mont Blanc residential complex in St. Pete, the report said.
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Locations: St. Petersburg

Tags: debt (49) / apartments (1) / seize (0) / Stroimontazh (0) / Baltiysky Bank (0) /

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