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Benasque Project | Huesca

• Debt project in Benasque, Huesca

• Single Tranche Amount: 2,140,000€ // Term: 12 months

• 10.0% Simple annual interest | 10.0% Total return 

• Minimum interests equivalent to 6 months

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

•     First rank pledge on the project's bank accounts.

We present a new project that consists of the granting of a bridge loan to refinance an existing charge on urban land in Benasque, Huesca, for the subsequent development of a real estate promotion of 86 multifamily homes. The loan also finances the total cost of structuring accrued by Urbanitae financing. The expected loan repayment event will occur when the developer 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. 

The asset is an urban plot in Benasque, Huesca, on which a replotting plan has already been approved that divides the land into 9 independent plots on which 9 blocks are going to be built, allowing the project to be developed in 3 successive phases of 3 blocks per phase. 

The developer proposes the development of a residential promotion of 86 homes distributed in 9 blocks. The project is distributed over 4 floors above ground and 1 floor below ground. With a total buildability of 8,168 m², the project contemplates the development of 2 and 3 bedroom homes with garage and storage rooms, private terraces on floors 1 and 2 and a private garden on the ground floor. The sale price €/m² has been contrasted with a market study carried out 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 La Pleta de Benasque sector, in the Aragonese Pyrenees. 

Once the existing charge is refinanced, the Basic Project will be presented for the subsequent application for the Building License. The manager has the support of the City Council for the development of the project given the local interest in carrying out the promotion.

Benasque is a town in the Aragonese Pyrenees known for its exceptional natural environment, surrounded by mountains, valleys, glaciers and some of the highest peaks in the Pyrenees. It stands out for its proximity to the Pico Aneto and the Cerler ski resort, which will be more accessible once the construction of the cable car that is being built to connect the center of Benasque with the station is completed. 

It is a highly valued destination for both winter tourism and mountain activities throughout the year. Its urban center has basic services, local shops and a growing gastronomic offer. In addition, Benasque is characterized by a high presence of second homes, a quiet atmosphere and a strong orientation towards leisure, sport and nature, making it an attractive enclave for quality residential projects.

The promotion is very well located within the municipality, in the center of Benasque and close to supermarkets, local shops and restaurants. It is well connected by road to the Cerler ski resort (10' by car), to the center of Huesca (120' by car) and to the center of Baqueira (60' by car).