This week, we return to Zaragoza to offer you a new opportunity to invest in residential development. We will open it for financing on Friday, October 20th at 12 p.m.
Residencial Arquerías project involves the development of a new residential promotion comprising 89 3-bedroom affordable housing (VPO) units in Arcosur, a residential neighborhood located on the outskirts of Zaragoza. It is an expanding area that offers all necessary services and is just a short 10-minute drive from the city center and Zaragoza Airport.
For this project, we are partnering with a new developer, COANFI, which has 20 years of experience.
71% of the total promotion sold
Residencial Arquerías project is divided into two phases, encompassing a total of 174 housing units. Urbanitae investors’ participation is limited to Phase I of the project, so the completion of the project is not dependent on the development of Phase II.
This project will be structured through debt, with Urbanitae investors providing a fixed-rate loan to the project developer. This financing will be used to recapitalize a portion of the funds contributed by the project manager. The construction costs will be financed through a mortgage loan from a top-tier bank. It’s also important to note that the sale of all housing units is not required for loan repayment.
Coanfi already owns the land on which the project will be developed, and it also has obtained construction permits and a promoter loan agreement with a top-tier bank.
Construction of the development began in April of this year, which shortens the project timeline. It’s worth mentioning that the loan provided by Urbanitae investors will be convertible. In the event of non-payment by the developer, Urbanitae investors will become shareholders of the development company.
In this video, Francisco José Díaz, COANFI’s Promotion Director, and Diego Bestard, CEO of Urbanitae, explain the key aspects of the project.
22% return in 24 months
The project offers a 22% return over a 24-month period. Additionally, full early repayment will be allowed starting from month 18, with monthly repayment windows until month 24 (or month 27 in case of an extension).
The project is estimated to have a duration of 24 months. In the fourth quarter of 2023, the disbursement of the loan from Urbanitae investors is expected. Between the fourth quarter of 2023 and the second quarter of 2025, construction work is expected to continue. Completion of construction, along with the issuance of the first occupancy permit and the delivery of housing units, is estimated to occur between the second and third quarters of 2025. Finally, the loan repayment is expected in the fourth quarter of 2025.
As always, you can reach out to us with any questions about the project at contacto@urbanitae.com or by calling 911 23 25 22.
