New project in Málaga! 11.9% return in 11 months
We present a new debt project in Málaga. Next Wednesday, September 11 at 4:00 PM (UTC+2) you will have the opportunity to invest in the Costa del Sol with a total return of 11.91%. We tell you everything you need to know.
The Bulevar 360 II project is the continuation of Bulevar 360. It involves the granting of a bridge loan to refinance the mortgage burden on the asset. In addition, part of the acquisition costs, urbanization, general costs, and other fees and expenses will be financed until the building permit is obtained for the development of 165 homes in Málaga.
Bulevar 360 contemplates the development of 165 homes in a residential development with around 17,000 m² of buildable area. These residences will have between 1 and 4 bedrooms, an equipped kitchen, a garage, and storage included. They will also feature large terraces, swimming pools, green areas, and playgrounds on a surface of more than 7,500 m².
The project is located in the Cortijo Merino sector, in Málaga. This area, which is currently undergoing urbanization, is located within the productive center of the city, near the University of Málaga, the Andalusia Technology Park (PTA), and the city’s main business parks. It is also close to Málaga Airport and the Trade Fair and Congress Center.
The developer of this project is Nuovit, the third financed by the platform. Nuovit is a real estate management company with over 30 years of experience specializing in new-build homes for sale, coordinating all phases of an urban development project, from identifying the investment opportunity to promoting the asset. Other projects funded by Urbanitae and managed by Nuovit, besides this promotion’s Tranche A, include Las Lagunas de Mijas and Oceánika.
13% return in 11 months
This promotion is a debt project. Urbanitae investors will come together to provide the developer with a loan. In this case, it is the second disbursement of Tranche A, aimed at refinancing the mortgage burden of the asset so that we can take a first-ranking mortgage on it.
This project is divided into two tranches, Tranche A and Tranche B. Tranche A is further divided into two disbursements: the first, for an amount of 1,660,000 euros—funded in August—to cover urbanization costs, general costs, and fees.
The second disbursement totals €5,175,000, of which €3,340,000 will be financed by Urbanitae investors and the rest by external investors. Both disbursements of Tranche A will have a fixed annual rate of 13%.
In total, the loan amount reaches €9,325,000, of which €5,000,000 will be financed through Urbanitae investors and the remaining €4,325,000 by external investors, including part of the second disbursement of Tranche A and a subsequent Tranche B.
First-ranking mortgage guarantee
Regarding repayment guarantees, a first-ranking mortgage has been established for the second disbursement of Tranche A and for the total Urbanitae loan on the registered property where the project will be developed, through a security agent. Additionally, the contract includes a first-ranking pledge on bank accounts and SPV shares.
Moreover, the project manager requested the building permit two months ago and expects to obtain it within the next 7-11 months. The project also has 12 reservations, 7 of which are formalized, after sales began in late August 2024 through one of Málaga’s and the Costa del Sol’s main sales agents.
The estimated timeline for this project is 11 months—with a possible 6-month extension in month 11. In August 2024, the first disbursement of Tranche A was closed by Urbanitae investors. In this promotion, the refinancing of the first-ranking mortgage will take place. Subsequently, in April 2025, the building permit and the minimum pre-sales level required by the bank for loan approval are expected to be obtained. Finally, in August 2025, the bank’s developer loan and the exit of Urbanitae investors are anticipated.
In this video, the developer and Diego Bestard, CEO of Urbanitae, explain the project details.
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If you have any questions, you can ask them during the webinar we will hold on Tuesday, September 10 at 9:30 AM (UTC+2). As always, you can also contact us via email at contacto@urbanitae.com or by phone at (+34) 911 23 25 22.