The project manager is Evandro Bosi, an active entrepreneur for over thirty years in the construction, renovation, and real estate development sector. After starting his activity in 1993, he has progressively expanded his presence in the areas of Cremona, Piacenza, Milan and, in recent years, Versilia, focusing especially on Forte dei Marmi. 

Throughout his solid career, he has specialized in the restoration and conservation of buildings, the rehabilitation of residential properties, and the development of real estate operations through vehicle companies. He has directly managed all phases of development, accumulating operations with an indicative value of about 50 million euros. Currently, he continues his activity through Bosi S.r.l.s., providing a consolidated heritage of top-level technical and operational skills. 

The current project is being developed on a beachfront plot in Marina di Pietrasanta, with a contribution of own funds already executed of 2.0 M€ at closing. It is a property with reform permits in force through SCIA, so the reform works can start immediately.

The promoter commits a total capital of c. € 3.01M, of which c. € 2.04M are already disbursed at the closing date of the financing. The project also has a senior loan from Solution Bank of € 7.5M, of which € 5.0M have already been granted and € 2.5M, as capex line, are in the final approval phase. 

A junior loan of € 8.0M is structured: € 5M contributed by co-investors to cover the acquisition, and € 3M contributed by Urbanitae investors to cover the acquisition, the complete renovation of the villas and the partial renovation of the hotel. The loan will have an annual interest rate of 13.0% simple, with a term of 18 months and an option to extend for an additional 12 months, as well as a minimum interest period of 6 months.

The exit of Urbanitae investors will occur through the refinancing of the loan in 2028, supported by the sale of the two villas and the stabilization of the hotel under the lease contract with EGA Hospitality.

STRUCTURE

This operation is going to be structured via debt, where Urbanitae Investors will grant a fixed-rate junior loan to the vehicle company (SPV) Bosi S.r.l.s., borrower of the operation.

The total amount of the junior loan will rise to an amount of € 8,000,000, of which € 5,000,000 financed by external investors and € 3,000,000 by Urbanitae investors.

The main characteristics of the Urbanitae loan are as follows (you can find more information in the document "Fundamental Data of the Investment"):

• Loan amount: up to a maximum of € 3,000,000, raised by Urbanitae investors.

• Simple annual fixed interest rate of 13.0%.

• Loan term: 18 months with option to extend 12 months in month 18

• Loan interest and principal will be paid at maturity (interest will start to accrue from the moment the loan contract is formalized).

• The part of the loan intended to finance the renovation works will be arranged by the promoter through monthly work certifications, subject to the favorable report issued by the Project Monitor.

Full early repayment will be allowed at any time, subject to a minimum return of interest equivalent to 6 months of interest.

Regarding the loan guarantees, the following is established in the financing contract: 

• First rank pledge guarantee on the shares of the Property Company (Forte 2 S.r.l.)

• Subordination of partner loans granted to the Borrower SPV.

• Promise of second rank mortgage

• Irrevocable sales mandate and a power of attorney (PoA) to execute the sale

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

WHY INVEST?

There are several reasons to invest in this project:

• Solid guarantee package, with first rank pledge on the shares of the owning company.

• Return of 13.0% simple annual, with a minimum return of 6 months of interest.

• Exclusive asset on the beachfront, in one of the most coveted locations in the Mediterranean: Marina di Pietrasanta, at the gates of Forte dei Marmi.

• Promoter of great solvency with more than 30 years of experience

MARKET

A market study has been carried out to determine whether the selling prices and operational parameters proposed by the manager are reasonable. In turn, a Technical, Legal, and Commercial Due Diligence has been carried out by external agents who have issued a favorable report corroborating the selling prices of the villas and the operational parameters of the hotel, aligned with the comparables of Versilia. 

WHEN WILL I RECOVER THE INVESTED MONEY?

The estimated term of this project is 18 months with an option to extend for an additional 12 months in month 18.

• Fourth quarter 2026: loan granted by Urbanitae investors to the promoter for the acquisition and renovation costs of the project.

• Fourth quarter 2026: start of construction works.

• Second quarter 2028: sale of the two villas and first partial repayment of the loan.

• 2028: hotel opening and refinancing of the junior loan, with full repayment to Urbanitae investors.

RISKS

All investments carry a risk. Below are the main risks identified for this project:

• Commercial risk derived from a possible delay in the sale of the asset, which could cause delays in the repayment of the debt. This risk is mitigated by the participation of a leading real estate agent in the sector, as well as the backing of the favorable report issued during the commercial due diligence, which validates the selling price established in the Business Plan.

• Administrative risk linked to obtaining the permit for the volumetric expansion of the hotel (PdC), expected for the end of 2026 or the beginning of 2027. This risk is mitigated by the fact that the core part of the asset can be undertaken directly under the SCIA already in force, and by the active dialogue of the promoter with the City Council, which is already aware of the project

• Risk of deviations in the project deadlines due to possible unforeseen events during the construction phase. To mitigate this risk, the promoter has the support of a Project Manager in charge of the rigorous supervision and control of the execution schedule ensuring the fulfillment of the established milestones. Also, it is an experienced manager in real estate products in Casares.

• Risk of deviations in construction costs derived from unforeseen contingencies. To mitigate this risk, a contingency item has been included in the Business Plan. ù

• 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 S.L. (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 in no case can it be considered as an investment recommendation to potential 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 period for raising funds 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.

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 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 investment made by the investors.

This project will be open to any investor registered in Urbanitae, and any of the following registered persons can invest in it:

•            Urbanitae partners who own at least 20% of the share capital or voting rights;

•            Managers or employees of Urbanitae;

•            Individuals or legal entities linked to these partners, managers or employees by control.

In this regard, 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 other investors registered in Urbanitae. According to Urbanitae's Internal Conduct Regulations, these investors are obliged to internally communicate these operations.

Once the investment in the project is closed, Urbanitae will provide information in the project's investment area about the amount invested by these investors, the type of investor who has made the investment, and the percentage it represents of the total financed, always complying with data protection policy.

In general, the withholding to be applied at source, according to Italian regulations, is 26% on the interests that will be paid by the resident lending entity in Italy.

As an exception to the above, reduced rates may apply according to Italian domestic law and/or conventions to avoid double international taxation. For this, it will be necessary for the investor to accredit their tax residence with the corresponding certificate.

Specifically, in the particular case of investors who are tax residents in Spain, the certificate must be issued in accordance with the Convention to avoid Double International Taxation between Spain and Italy (article 11), the withholding is limited to 12% provided that:

•            The effective beneficiary of the interests is a tax resident in Spain, and

•          Such residence is accredited by a certificate issued by the Spanish Tax Agency (model 01 or valid digital certificate) for the purposes of the said convention, covering the period in which the interest has been due.