The manager of this opportunity is Admara Capital, a platform specialized in investment and management of real estate assets. ADMARA operates throughout the Iberian Peninsula, both as a direct investor and in association with national and international investors. The firm participates in various classes of real estate assets, but has a strong focus on the quality residential segment and prime locations.

ADMARA has a team with experience in finance, investment, real estate asset management and active project development from start to finish. The firm has managed more than 2 billion euros in real estate assets and participated in more than 25 joint ventures with institutional partners, international funds and family offices.

The project contemplates the construction of 120 multifamily homes distributed in 3 independent blocks. Each block has a height of ground floor + 8. The homes will have 2, 3 or 4 bedrooms and an average built area of 124 m², as well as landscaped common areas. From a commercial point of view, the development is located in a consolidated area with all services nearby and just 300 meters from the beach.

Urbanitae investors will enter the project through the granting of a mortgage loan committed in a single tranche. This Tranche has a fixed annual rate of 11% and a term of 12 months with a possible extension of 6 months in month 12.

The exit of Urbanitae investors is expected to occur through a capital increase that will be carried out when the Developer Loan is approved once the milestones required by the bank are reached.

STRUCTURE

This operation will be structured via debt, where Urbanitae Investors will grant a fixed rate loan to the company IGUAZÚ REAL ESTATE, S.L.

The total amount of the gross loan amounts to 5,880,000 €, of which Urbanitae will participate with 3,000,000 €. The total loan will be structured in a single tranche, whose main characteristics are as follows:

• Total loan amount: up to a maximum of 5,880,000 € (Urbanitae participates with 3,000,000 €, expandable by an additional 2,000,000 €, if the Developer requests it).

• Simple annual fixed interest rate of 11%.

• Term of 12 months + 6 months extension.

• Minimum interest period: 6 months.

• The interest and principal of the loan will be paid at maturity (interest will begin to accrue from the moment the loan contract is formalized).

• Resulting leverage ratios: (i) LTC equivalent to 70.0% until our exit; (ii) LTV equivalent to 50% on the current appraisal of the underlying asset.

Total early repayment will be allowed at any time, subject to a minimum guaranteed return for the Loan equivalent to 6 months of interest. An extension of an additional 6 months is allowed at month 12.

Regarding the main guarantees of repayment of said loan, they are as follows:

• First rank mortgage on the asset, with mortgage liability of 135% of the amount of the principal of the total mortgage debt of the asset. The mortgage must be registered and free of any charges.

• First rank pledge on the project's bank accounts, with exclusive control of the lender.

WHY INVEST?

There are several reasons to invest in this project:

• The collateral asset of the loan are three properties in Punta Umbría, Huelva, with an appraisal value much higher than the amount of the loan from Urbanitae investors with an LTV of 20%.

• Broad experience of the developer developing residential projects in Spain.

• The area of Punta Umbría shows a growing residential dynamism, and expanding demand.

• The return that the investor will get will be 11% per year.

• The project has a first rank mortgage guarantee on the underlying asset

MARKET

A market study has been conducted to determine whether the selling prices proposed by the manager are reasonable.

There is information available about the market within the "Sales Witnesses" and "Basic Real Estate Report" documentation, where you will find a list of homes for sale in the area.

WHEN WILL I RECOVER THE INVESTED MONEY?

The estimated term of this project is 12 months with a possible extension of 6 months in month 12.

• October 2025, loan concession by Urbanitae investors and asset purchase.

• Q4 2025, request for approval of the Detail Study and Urbanization Project.

• Q1 2026-Q2 2026, start of marketing and license application.

• Q4 2026, obtaining the building license and exit of Urbanitae.

RISKS

All investments carry a risk. We detail the clearest risks we have identified for this project:

• Commercial risk in the sale of the homes, causing a delay in the entry of the developer loan and therefore a delay in the repayment of the loan. To mitigate this risk, a commercial analysis of the promotion has been carried out by a reputable external provider that validates the price hypotheses and expected sales rates. Likewise, the developer has an internal sales team specialized in the area.

• Banking financing risk to complete the promotion. The developer has extensive experience in the area and relationship with banking entities. The developer's experience with banking entities has been contrasted directly and the interest of the bank in financing the project has been verified. 

• Possibility of changing the agreed conditions. This risk includes potential substantial changes that take place from the start of the financing campaign until the formalization of the loan contract, in which case the project would be canceled and the investment returned.

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Warnings and Risks

Urbanitae Real Estate Platform S.L. (Urbanitae) does not hold the status of an investment services company, nor a credit institution and is not attached to any investment guarantee fund or deposit guarantee fund. The information published by Urbanitae Real Estate Platform on its Website is for informational purposes only and can in no case be considered as an investment recommendation to potential investors.

The crowdfunding projects published by Urbanitae on its Website are not subject to authorization or supervision by the National Securities Market Commission or the Bank of Spain, therefore, all the information provided by the manager in relation to the projects has not been reviewed by them.

Urbanitae expressly informs that, in case of non-compliance with the total volume of investment of the project, the term for the collection may be exceeded by up to 25%, maintaining the same investment conditions. Likewise, the project may be financed by Urbanitae when at least 90 percent of the financing objective has been reached, once the participation in the project that the platform itself may have is discounted. 

Investing in the projects published on this Website may entail certain risks, such as, the risk of total or partial loss of the invested capital, of not obtaining the expected monetary return or of lack of liquidity. Therefore, we warn investors to only invest an amount they are willing to lose and we suggest they diversify their investments to minimize and mitigate potential risks. In the event that the manager is unable to return or remunerate the received funds, Urbanitae will not return the investors their investment made.

This project will be open to any investor registered in Urbanitae, and any of the following registered persons may invest in it:

• Urbanitae partners who own at least 20% of the share capital or voting rights;

• Directors or employees of Urbanitae;

• Individuals or legal entities linked to these partners, directors or employees by control.

In this sense, Urbanitae guarantees that the investments of any of these people will be made through the platform, on the same terms and conditions as any other investor, without receiving any preferential treatment, or privileged access to information compared to the rest of the investors registered in Urbanitae. In accordance with the Internal Conduct Regulations of Urbanitae, these investors are obliged to internally communicate these operations.

Once the investment in the project is closed, Urbanitae will provide in the project's investment area information about the amount invested by these investors, the type of investor who has made the investment and the percentage it represents with respect to the total financed, always complying with the data protection policy.