Arco Invest secures loan refinancing
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 mixedtype 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