**NEXT OPENING ON TUESDAY, FEBRUARY 24 AT 16:00 (UCT +1)**

*Click HERE to watch again the Webinar "Urbanitae up close - La Seda Project" that took place on Tuesday, February 24 at 12.00 h (UTC +1) together with Joaquín Uríbarri and Rocío Caldés from the Urbanitae Debt team*

La Seda Project | Valencia

• Debt project in Valencia

• Amount Tranche A: 1,660,000 € // Term: 24 months

• 10.25% Simple annual interest

• 20.5% Total profitability 

• Loan guarantees:

1. First rank mortgage on the three assets underlying the financing

2. First rank pledge on the shares of the Borrower and of the mortgage companies owning the assets

3. First rank pledge on the current accounts of the Borrower and of the mortgage companies owning the assets

We present a new project that consists of the granting of a loan intended to finance the outstanding construction costs until the completion of the works of three tertiary assets with an aparthotel license. The project comprises a total of 39 tourist apartments, located in the districts of Ciutat Vella, El Cabañal and El Ensanche, in the city of Valencia.

The loan also includes the recapitalization of own funds in favor of the developer, with the aim of offsetting the capital already disbursed to date, as well as the refinancing of an existing mortgage charge that burdens one of the properties.

The project contemplates the development of three independent buildings that, together, add up to 39 tourist apartments —studio type and one-bedroom— with a total built area of approximately 2,400 m². The assets are currently under construction, with progress rates ranging between 6% and 25%, and have a Building License for the change of use to tertiary hotel (aparthotel), which allows their exploitation as tourist apartments.

Valencia, is one of the main tourist cities of the Mediterranean arc and one of the urban destinations with the greatest projection in Spain. It stands out for a solid and diversified tourist demand throughout the year, driven by both holiday tourism and cultural, gastronomic and business tourism. The city has excellent national and international connectivity, thanks to its airport, high-speed rail network (AVE) and port, one of the most important in the Mediterranean.