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El Desert Project | Castellón

• Debt project in Benicasim, Castellón

• Single Tranche Amount: €1,210,000 // Term: 12 months

• 12.0% Simple annual interest | 12.0% Total return 

• Minimum interests equivalent to 6 months

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

•      First rank pledge on the shares and bank accounts of the borrower. 

•      First rank pledge on the project's VAT account with cash sweep to repay the loan with any VAT refund.

•      Corporate guarantee from SEBECO, the project management company.

We present a new project that consists of the granting of a bridge loan to finance part of the purchase price and costs derived from the acquisition of a plot located in Benicasim, Castellón. The loan also finances the total structuring costs accrued by Urbanitae's financing. The developer/manager will pay the remaining amount of the land purchase and part of the VAT accrued from the land purchase with Own Funds. The expected loan repayment event will occur when the developer's loan is granted by the bank once (i) the building license has been obtained and (ii) the pre-sales threshold required by the bank has been reached. Alternatively, our repayment may occur through the entry of an investment partner in the project's capital.

The asset is a plot with registered horizontal division divided into 217 registry properties. In unity of act with the signing of the financing and sale, the revocation of the new construction and registered horizontal division will occur, adding to the single original registry property. 

The developer proposes the development of a residential promotion of 67 homes with large common areas, swimming pool, green areas, gym and included parking space. The project is distributed on ground floor + 3 floors above ground and 2 floors below ground. With a total buildability of 6,539m², the project contemplates the development of 1, 2 and 3 bedroom homes. The sale price €/m² has been contrasted with a market study prepared by a reputable independent advisor and the estimated sale price set by the developer is consistent with the conclusions of the study. The asset is very well located in the center of Benicasim and 1km from the city's promenade.

Once the land is acquired and grouped into a single registry property, the Building License will be requested. The manager has a Basic Project prepared and estimates a period of obtaining the License of around 6 months.

In terms of marketing, the developer launched a discreet commercial campaign at the end of August and today has 20 reserved units (30%).

Benicasim with an approximate population of 20,300 inhabitants, has experienced moderate and sustained demographic growth in recent years. It is among the main tourist attractions of the province of Castellón, exceeding 60,000 inhabitants during the summer season. 

In macroeconomic terms, Benicasim presents the highest gross average income per capita in the province of Castellón, above € 43,000 / year and grows faster than the national average. Today it presents an unemployment rate between 6% and 7%, being among the lowest at the national level and the trend is decreasing in recent years.

The promotion is very well located within the municipality, in the center of Benicasim and just 1 km from Benicasim beach. Also, the proximity to the AP-7 highway and national N-340 ensures excellent connectivity both with the provincial capital, less than 10 minutes by car from the center of Castellón de la Plana, and with the Mediterranean economic axis.