The operation consists of granting a bridge loan intended to partially finance the acquisition and urbanization works of a development of 36 villas in Torremuelle, Benalmádena.

Maia Project: The project consists of the development of a private urbanization of 36 villas on a finalist land, pending urbanization. The urbanization will have a social club, wellness center, large common areas, and each villa will have a private garden, pool, and garage.

The land has all the necessary licenses and permits to start urbanization works, and is in the process of obtaining a building license. The developer estimates that the building license can be obtained and urbanization and construction can be carried out simultaneously, once a certain degree of progress has been made in the urbanization works, estimated at around 6 months from the start of the urbanization works.

The developer – Urbania – and a partner – investment fund – have committed capital to date amounting to € 829k for down payments, technical fees, and costs of obtaining licenses and permits. At the date of the sale, Urbania (i) will repurchase the Equity contributed by its partner and (ii) subsequently there will be a non-monetary capital increase in which the selling party will become the new partner of Urbania by contributing the land valued at € 6.5m to the company, therefore computing an Equity Day One of € 4.13m.

The gross loan will amount to 5.31m, fully financed by co-investors, to be provided in a single tranche: Gross loan of € 5,310,000 | Annual interest rate of 12.5% | Term of 18 months with possible extension of 6 months in month 18 (18+ 6) | Minimum interest period of 12 months

The repayment of the Urbanitae Loan will occur via bank refinancing by granting a Developer Loan once the project reaches (i) the sales threshold required by the bank and (ii) obtaining the building license.

The manager of this project is URBANIA– a company specialized in real estate development, investment and project management, with a portfolio of projects valued at +€ 1.200m and a solid operational track record.