Boulevard 360 Project | Malaga

• Debt project in Malaga

• Amount 1st Disposition of Tranche A: €1,660,000 // Term: 12 months

• 13% annual // 13% total return

• Loan guarantees

     1. Second lien mortgage on the asset between August and September 2024 until the remaining amount of the 1st Disposition of Tranche A is lifted, which will refinance and take the first lien mortgage.

     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 bridge loan to finance part of the acquisition costs, urbanization, general costs and other fees and expenses until obtaining the building permit to develop a promotion of 165 homes in Malaga.

The loan from Urbanitae investors will finance: (i) the lifting of a mortgage charge that burdens the asset and (ii) the rest of the urbanization costs, general costs and fees until obtaining the license and reaching the minimum level of pre-sales for the granting of the manager loan to develop a project of 165 homes in Malaga.

The project manager applied for the building permit a month ago and expects to obtain it in the next 8 – 12 months. The urbanization project started in November 2023 and approval is expected in the next 3 – 6 months.

The Boulevard 360 project is located in the Cortijo Merino sector, in Malaga. The Cortijo Merino sector, in the process of urbanization, will be developed within the productive circle of the city of Malaga next to the University of Malaga, the Technological Park of Andalusia (PTA) and the main business parks of the city. It borders the urbanized Zeta and Teatinos districts, close to Malaga airport and the Palace of Fairs and Congresses.

The project contemplates the development of 165 homes in a residential promotion with around 17,000m2 of buildability including large terraces, swimming pools, green areas and playgrounds on a surface of more than 7,500m2. The homes will have between 1 and 4 bedrooms, equipped kitchen and garage and storage room included in the price.

Malaga is currently the 6th most populated city in Spain and is among the 7 provinces that grew the most in 2023. Malaga, capital of the Costa del Sol, has the 4th airport with the highest influx of passengers in the country and leads economic growth in Andalusia with a GDP growth in 2023 of 3.6% (1.15% more than the Andalusian GDP) and an increase in employment of 4.5% (1 point more than the region). Likewise, Malaga has a strong and expanding business fabric given the economic and technological transformation led by the municipality, attracting 18 international technology companies in 2023. It has large beaches, natural spaces, golf courses, luxury residential complexes, shops and restaurants.