The manager of this project is COGITARI HOMES, a real estate group with over 10 years of experience in the design and development of exclusive residential projects on the Costa del Sol. Founded by Lars Christensen, who has over 30 years of experience in the real estate sector in Denmark and on the Costa del Sol. 

The company stands out for integrating architectural innovation, sustainability and efficiency, with a focus on the quality of life of its clients. With over 15 projects developed and a highly qualified team, COGITARI HOMES consolidates itself as a benchmark in the luxury sector of the Costa del Sol for its commitment to excellence and long-term value creation.

COGITARI HOMES has developed luxury residential projects in exclusive locations within Marbella, Benahavís and Málaga. “Villa Alcalá III” is the third phase of the fifth project to be financed on the platform after Gate 3, Pinares de San Antón, Hills 14 and Alcalá 4 Golf. 

The asset was acquired on July 19, 2023 with a granted license (obtained on October 28, 2021) and construction began in January 2024. The developer estimates to finish the works in Q1 2026 and to market the asset in parallel.

Urbanitae investors will enter the project through investment in Tranche C, the last tranche of a loan divided into 3 tranches. Tranche C will have a fixed annual rate of 9.5%, with the aim of financing the final construction costs and certain soft costs until the completion of the project, estimated in Q1 2026.

The exit of Urbanitae investors will be made through the sale of the house.

STRUCTURE

This operation will be structured via debt, where Urbanitae Investors will grant a fixed-rate loan to the company owning the plot: COGITARI FLIP, S.L.

The total amount of the loan amounts to €5,290,000 structured in three tranches, whose main characteristics are as follows (more information in the document "Fundamental Investment Data"):

• Total loan amount: up to €5,290,000, broken down into three tranches:

    I. A first tranche or Tranche A, for an amount of €2,175,000 financed in February 2024, intended to lift part of the burden that burdens the plot and continue with the works. This tranche is remunerated at an interest rate of 11.0% per annum and has a term of 24 months.

    II. A second tranche or Tranche B, with an amount of €2,140,000 formalized in December 2024, intended to cover construction costs and soft costs. This tranche is remunerated at an interest rate of 10.5% per annum and has an approximate term of 15 months.  

    III. A third tranche or Tranche C, with an amount of €975,000 will be used to finance the end of construction and support final project costs. This tranche will be remunerated at an interest rate of 9.5% per annum and will have an estimated term of 8.5 months. 

• All will be disposed of by the developer through work certifications on a monthly basis prior to validation by the Project Monitor.

• Loan term: 24 months, Tranche C term 8.5 months.

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

Total early repayment will be allowed at any time, subject to a minimum guaranteed return for Tranche C equivalent to 2.5 months of interest. An extension of 6 additional months is allowed subject to the completion of the work.

Regarding the guarantees of repayment of said loan, the following is established in the debt contract: 

• First rank mortgage guarantee on the property where the villa is being developed through a guarantee agent. Investors who enter this Tranche C will take over this already existing mortgage for Tranches A and B.

• First rank pledge on the shares of the SPV.

• First rank pledge on the bank accounts of the SPV.

As in all debt projects, the figure of the Project Monitoring is incorporated in this project, who will review the work certifications, progress in construction, possible deviations in time / cost and will approve the monthly loan disbursements.

WHY INVEST?

There are several reasons to invest in this project:

• The underlying asset of the debt is a luxury villa in Nueva Andalucía, Marbella.

• The return that the investor will obtain will be 9.5% annually for Tranche C on an asset with a degree of construction progress close to 90%.

• The project has a first rank mortgage guarantee on the property registry in which the project is being developed.

MARKET

A market study has been carried out to determine if the sale prices proposed by the manager are reasonable.

There is information available about the market within the "Sales Witnesses" documentation, where you will find a list of houses for sale in the area.

WHEN WILL I RECOVER THE INVESTED MONEY?

The estimated term of this project is 8.5 months (2.5 months + 6 months extension) with a minimum guaranteed return of 2.5 months.

• December 2025, loan concession by Urbanitae investors to the developer and continuation of the works.

• First quarter 2026, completion of the works and obtaining of LPO.

• Second quarter 2026, sale of the villa and repayment of the loan granted by Urbanitae investors.

RISKS

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

• Delay in the sale of the property that may cause delays in the repayment of the debt.

• Risk of deviations in deadlines due to unforeseen events associated with construction. This risk is substantially limited since the degree of progress of the work is close to 90% and in these advanced stages of the construction process there is less margin for deviations in time or cost.

• Possibility of change of 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 (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 recommendations to 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. All this as established in Article 69 of Law 5/2015 on Business Financing Promotion.

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 funds received, 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;

• Managers or employees of Urbanitae;

• Natural or legal persons linked to these partners, managers or employees by control.

In this sense, Urbanitae guarantees that the investments of any of these people will be made through the platform, under 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 Code of Conduct 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.