Genil Project | Granada

• Debt project in the center of Granada

• Amount of Tranche A: €2,980,000 // Term: 25 months

• 14.0% annual // 29.1% total return

• Interest payment every 5 months

• Loan guarantees

     1. First rank mortgage on the 3 assets that make up the project.

     2. Pledge of the shares of the SPV owning the asset.

     3. Pledge of the bank accounts of the SPV owning the asset.

We present a new project that consists of the granting of a loan to refinance mortgage charges and finance pending urban procedures until obtaining a license for 2 plots in Granada - Gran Capitán street and Camino de Ronda street ("Paseíllos").

The Genil project includes the following assets:

    I. Gran Capitán: an asset composed of two independent plots – plot A and plot B – located on Gran Capitán street. The loan will finance the urban procedures until obtaining a license for its subsequent sale. At the urban level, the plots are awaiting approval of the replotting and urbanization projects, after which the license application will be managed. 

    II. ‘Paseíllos’: plot located on Camino de Ronda street. The loan will finance the urban procedures until obtaining a license for its subsequent sale. At the urban level, the plots are awaiting approval of the replotting and urbanization projects, after which the license application will be managed.

     III. ‘Villa Pineda’: plot located on Sirena street. The project does not contemplate its sale and has been provided as additional guarantee to the Urbanitae loan. The asset is currently under urban management.

The Genil project includes the following parts, to distinguish:

    I. The promoter: company owning the 3 assets of the project. The vehicle is managed and owned by investors with extensive experience in the real estate sector, being part of the board of directors of a relevant company within the real estate landscape.

   II. The Manager: ERY Consulting, company in charge of leading the project to meet its milestones in the planned term diligently. It has currently signed a purchase and sale contract for the Gran Capitán and ‘Paseíllos’ assets, and has already disbursed the down payment for the purchase. The remaining amount of the purchase of both assets will be formalized once the building license for the respective assets is obtained.

The project consists, on the one hand, in the refinancing of a mortgage charge on the plots, and on the other hand in the financing of the necessary urban procedures until the application and obtaining of a license. At the urban level, both plots are pending approval of the replotting and urbanization project, as well as the payment of an urban development benefit whose payment is scheduled for the third quarter of the year and will be financed with a charge to a second tranche that will be committed on the platform. It is expected that a building license will be applied for in the second quarter of 2025, with an estimated approval date of about 12-15 months from then. The project-related procedures will be carried out by ERY Consulting, cooperative manager and future buyer of both plots.

The Urbanitae investors' loan will therefore finance 100% of the existing mortgage charges on the 2 plots and 100% of the payment of the necessary urban processing until obtaining a license on both plots.

After obtaining the license, 52 and 40 homes will be developed on Gran Capitán and Camino de Ronda ("Paseíllos") respectively, both assets located in central locations in Granada and less than 1 kilometer apart. The properties will have between 2 and 3 bedrooms and 2 bathrooms, lobby, living room and kitchen. The Gran Capitán building also includes a garage and storage room. 

The Genil Project is located in a central location in Granada, with both buildings less than 500 meters from the Granada train station. The Camino de Ronda building is close to the Los Pajaritos neighborhood and the university area while the buildings that make up the Gran Capitán plot are 500 meters from the Granada Cathedral. The Villa Pineda plot – provided as additional guarantee of the project – is located 350 meters from the Camino de Ronda building in the Los Pajaritos neighborhood.

Granada, located in Andalusia, is one of the main tourist destinations in all of Spain. It is located less than 1 hour from the Sierra Nevada station, one of the largest ski resorts in Spain, and from the Granada coast, which has extensive natural beaches. Granada has one of the most important cultural offerings in the country and has one of the most important offerings in the Spanish university scene.