We return to Cantabria to present a new investment opportunity for a new construction promotion in Santander. Funding will open next Friday, November 17th, at 12:00 PM.
The Tesla project involves the development of a new residential construction promotion comprising 80 multi-family homes with 1, 2, and 3 bedrooms and 1 commercial space in the Peñacastillo neighborhood of Santander. The promotion also includes 80 parking spaces and 36 storage rooms.
Specifically, the promotion is located in Peñacastillo, Santander, on Carmen Bravo Villasante Street, 2. Peñacastillo is one of Santander’s new urban development areas. This residential area has undergone significant transformation in recent years to provide public services, urban transportation, sports centers, parks, playgrounds, as well as access roads from two highways and a variety of shops and entertainment venues.
For this project, we are once again partnering with Grupo Tecniobras, a real estate developer with whom we have previously financed another project, the Chelsea project, currently in its final stages awaiting the completion of home deeds and investment settlement.
31% of reservations formalized
With this project, a capital gains strategy will be implemented. The contribution from Urbanitae investors will be €2,045,000, which will be delivered to the developer through a capital increase in the vehicle company that will gather all the contributions from Urbanitae investors. This company will subsequently increase €2,040,000 in capital in the project’s promoting society. The remaining €5,000 in the fundraising campaign will be retained in the vehicle company to cover the operating expenses.
The promoter has an exclusive earnest money contract signed with the current owner of the land on which the promotion will be developed, which is free of charges. The building permit has already been requested, and its concession is expected to take place imminently, before the end of the year. After that, it is anticipated that construction work will commence in the first or second quarter of 2024, once the sales percentage requested by the banking entities is reached, and the promoter loan is signed.
Furthermore, marketing has already started, with cash reservations in 25 of the 80 homes that make up the promotion (31%). Additionally, the commercial space of the promotion has been leased.
In this video, Regina Gómez from the commercial department of Grupo Tecniobras and Diego Bestard, CEO of Urbanitae, explain the key aspects of the project.
Profitability in 28-32 months
The project has an estimated duration of between 28 and 32 months. In the fourth quarter of 2023, the capital increase and land acquisition are expected. Between the first and second quarters of 2024, the commencement of construction work is estimated. Between the fourth quarter of 2025 and the first quarter of 2026, the completion of construction, the issuance of the occupancy permit, and the delivery of homes are expected. Finally, between the first and second quarters of 2026, the liquidation of the company and the distribution of profits to investors are estimated. As always, feel free to reach out with any questions about the project at contacto@urbanitae.com or by phone at (+34) 911 23 25 22.
