Green Village Project

• Debt project in Benalmádena, Málaga

• Loan Amount: 5,000,000€ // Term: 24 months

• 12.5% annual // 25% total profitability

• Minimum interests equivalent to 18 months

• Loan guarantees

     1. First rank mortgage on the underlying asset of the project.

     2. First rank mortgage on the additional guarantee asset.

     3. Joint corporate guarantee granted by the parent company.

We present a new project that consists of the granting of a bridge loan to partially finance the acquisition and costs derived from the purchase of a plot located in Benalmádena. The developer / manager will pay the remaining amount for the purchase and the general costs of the project accrued until (i) obtaining the building license and (ii) reaching the pre-sales threshold required by the bank.

The Green Village project includes the following assets as loan collateral:

i) Underlying asset of the project – “Green Village”: a finalist plot with a total area of 25,140.6 m² distributed between hotel use (16,011.1 m²) and sports use – golf (9,129.5 m²) – and a buildable area of 29,217 m². The loan partially finances the acquisition and costs derived from the purchase. The asset is a plot on a completely urbanized tertiary land that, according to the legislation of the Junta de Andalucía (Law 1/2005), can be used for the development of housing promotions under public protection with limited price (VPPL). It has an ECO appraisal value as of June 2025 amounting to € 15,828,994.

ii) Additional guarantee asset – “Llinars”: these are 3 plots (registered estates) located in Sector B of Llinars del Vallès (Barcelona), corresponding to units 8.01, 9.01 and 9.02 of Phase III. With an area of 11,516 m², they are pending approval of the Reparcelation and Urbanization Projects, as well as the development of urbanization works. They currently have a RICS valuation as of December 2024 amounting to € 3,381,000.

The loan from Urbanitae investors will finance: (i) part of the purchase price and (ii) part of the rest of the costs derived from the acquisition and financing. The general costs and fees until obtaining the license and reaching the required level of pre-sales, will be paid via the Manager's Equity. The Manager has already started conversations with the bank – with whom he has a good relationship and previous experience – for the granting of the developer loan and it will occur once the following milestones are achieved: (i) obtaining the work license and (ii) compliance with the level of pre-sales required by the bank. 

The project manager has been awarded the asset in a sale process ordered by the selling party – a relevant private company in the Spanish business scene – and must resort to the purchase option during the next month. The manager will pay part of the purchase price and the rest will be financed by the loan from Urbanitae investors. Once the asset is acquired, the Works License will be requested, which is expected to be obtained in 15 – 18 months.

The project contemplates the development of a residential promotion of 344 public protection houses with limited price (VPPL), 344 parking spaces and 344 storage rooms, distributed on the ground floor + 4 floors above ground and a setback attic on both sides. With a total buildability of 29,217m² on the front line of golf. The project contemplates the sale at module price, resulting in an estimated average sale price of € 245,807, more than 56% below the average sale price of comparable new construction promotions in Benalmádena. 

Benalmádena, located in the heart of the Costa del Sol in Málaga (Andalusia) has a population close to 80,000 inhabitants after growing an average of 3.1% annually over the last 20 years. The economic dynamics are as positive as the demographics, with an unemployment rate >10% after reducing more than 12% in the last decade. Benalmádena has a very attractive location on the Costa del Sol axis driven by its proximity to Málaga, just 15 minutes from Málaga International Airport. 

Known for its attractive balance between residential tranquility and vibrant tourist activity, its diversity attracts both permanent residents and international visitors, ensuring a constant demand for high-quality housing. It also has a wide variety of services, including health, education, hospitality, catering or sports offer, highlighting two renowned golf courses, Torrequebrada and Bil Bil Golf, between which the Green Village project will be developed.