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Alameda Residence Project | Madrid

• Debt project in Torres de la Alameda, Madrid

• Participative Loan Amount: 2,200,000€ // Term: 24 months + 6 months

• 10.0% Fixed annual interest | Participation in 60-65% of the promoter company's profits 

• Participative loan guarantees:

- Real promise of second rank mortgage on the asset being financed

- Asset sale mandate in case of non-compliance

- Veto/approval rights by Urbanitae for any sale at a return higher than 6.75%

We present a new project that consists of the granting of a participatory loan to finance part of the purchase and acquisition costs of an operational senior residence, with 135 rooms (124 individual and 11 double, for a total of 146 beds) and 50 day places, on Miguel de Unamuno Street, 43, Torres de la Alameda, Madrid. After the acquisition, a new professional operator will be introduced to the residence, under a long-term fixed lease contract for its stabilization and subsequent sale to a property investor. 

The participatory loan is a hybrid financial instrument that combines a traditional loan and equity, where lenders participate in the profits of the company that receives the loan. The return conditions agreed with the promoter for the granting of the participatory loan are a 10% fixed annual interest rate and participation in 60%-65% of the profit obtained by the promoting company (debtor company). In case of sale of the asset at a profitability of 6.25% or higher, 65% of the profits will be participated in and in case of sale of the asset at a profitability lower than 6.25%, 60% of the profits will be participated in.

The asset is a senior residence operational for more than 25 years, with 135 rooms (124 individual and 11 double) and 50 day places, located on a plot of 4,894 m², which has a building with a constructed area of 3,827 m², on Miguel de Unamuno Street, 43, in the municipality of Torres de la Alameda, Madrid. 

The loan from Urbanitae investors will finance: (i) part of the purchase price and (ii) the rest of the costs derived from the acquisition. The rest of the acquisition price, general costs and fees will be paid via the Manager's Equity, another participatory loan granted by a private investor of the manager and bank financing, granted by a first level entity. The repayment of the loan from Urbanitae investors will occur once the sale of the asset is achieved. 

The project manager has signed the deposit contract in January, and will attend the purchase of the asset during the month of March. The manager will pay part of the purchase price and the rest of the costs will be financed by a mortgage loan granted by a banking entity and by the participatory loans of the private investor of the Manager and the Urbanitae investors. Once the asset is acquired, a new tenant (Professional operator with a lot of experience in the senior residence sector and who is among the 10 most important in Spain by number of beds managed) will operate the residence under a fixed lease contract, triple net, for 25 years and 15 years of mandatory compliance for its subsequent sale to an institutional investor within a maximum period of 24 months.

The residence is located in the center of Torres de la Alameda. Municipality integrated in the metropolitan environment of the Henares Corridor. The residence has a very convenient location for daily life. Its position in the urban core guarantees immediate proximity to the main basic services and municipal facilities, less than 2 minutes by car or 10 minutes walking. Among these services, the La Encontradiza supermarket, the health center, and the municipal auditorium (Las Amapolas) stand out. The asset also benefits from good connections with other nearby urban centers, thanks to the M-225 and M-220 roads.

The analysis of the demand for places in this type of assets focuses on the area of influence of Torres de la Alameda, which is defined by those municipalities located less than 15 minutes by car from the Asset. This area concentrates a current population of more than 97,000 inhabitants, of which more than 13,000 are over 65 years old. The senior population is expected to increase by c. 43% in the next 13 years, reaching more than 18,500 inhabitants