Vivaldi II: Debt at 10.25% Per Year for an Ultra-Prime Villa in Sierra Blanca

Next Tuesday, 21 July at 12:00 (UTC+2), we will open the Vivaldi II project for investment. This is the second tranche of a loan intended to finance the remaining construction and equipment costs of a luxury villa in Sierra Blanca, one of Marbella’s most exclusive residential communities.

The project continues Vivaldi, whose Tranche A was financed by Urbanitae investors in June 2026. In this new opening, Tranche B will allow progress to continue on a new-build single-family villa that already shows certified construction progress of more than 65%.

The transaction is structured as debt, with a fixed interest rate of 10.25% simple annual interest, a term of 16 months and a total return of 13.67% for Tranche B.

• 📅 Opening for investment: Tuesday, 21 July at 12:00 (UTC+2)
• 🎙 Project webinar: you can rewatch the Vivaldi webinar on the project page.

A Luxury Villa in Sierra Blanca

The asset being financed is a new-build single-family villa located in Sierra Blanca, Marbella.

The property has a total built area of 2,032 sqm on a corner plot of 2,025 sqm. The project includes 7 bedrooms, 8 bathrooms, a cinema room, wine cellar, full wellness area with spa, gym, indoor parking and a large landscaped area with swimming pool.

The villa is oriented to offer panoramic sea and mountain views from every floor. It is therefore a product aligned with the highest segment of Marbella’s residential market.

Project with Advanced Construction Progress

The project has a valid building permit on fully developable urban land. Construction is being carried out by a local contractor specialised in the luxury segment and is more than 65% complete.

Tranche B of the loan will finance part of the pending construction costs over the coming months, as well as the villa’s equipment. It will also contribute to updating certain costs associated with the development and completion of the asset.

The current stage of progress significantly reduces execution risk, as this is an advanced-stage project with a large part of the works already certified.

The Developer: A Benchmark in Marbella’s Ultra-Prime Segment

The developer of the project is a family-owned firm considered a benchmark in Marbella’s ultra-prime segment, with more than 40 years of experience focused on the Costa del Sol.

Its business model is based on selecting prime locations, applying high-quality design and construction standards, and targeting high-net-worth international clients.

The firm holds a strong position in Sierra Blanca and manages the commercialisation of its projects through its own channels and a network of leading agencies in Marbella, under an exclusive invitation-only sales model.

The developer has already invested approximately €3.7 million of its own capital in the project, reinforcing the alignment of interests with investors.

10.25% Per Year and a Total Return of 13.67%

The transaction is structured as debt, through a fixed-rate loan granted to the project SPV.

The total loan amounts to up to €9,990,000, committed in three tranches:

• Tranche A: up to €7,340,000, of which €2,340,000 was raised by Urbanitae investors and €5,000,000 by external co-investors.
• Tranche B: up to €1,310,000, corresponding to this opening.
• Tranche C: up to €1,340,000, intended to finance pending construction costs and general costs through to project completion.

The main characteristics of Tranche B are:

• Amount: €1,310,000
• Interest rate: 10.25% simple annual interest
• Total return: 13.67%
• Term: 16 months
• Possible extensions: two 6-month extensions, in months 16 and 22
• Minimum return: equivalent to 3 months of interest
• Payment of principal and interest: at maturity

The second extension of the loan would imply an increase of 100 basis points in the interest rate, to 11.25% per year.

The portion of the loan intended to finance construction works will be drawn down through monthly certifications, subject to a favourable report from the Project Monitor.

Loan Guarantees

The loan includes a guarantee package composed of:

• First-ranking mortgage over the property being financed, with mortgage liability of 130% of the loan principal.
• First-ranking pledge over the shares of the project development SPV.
• First-ranking pledge, without control over funds, over the project bank accounts in the borrowing SPV, including the VAT account.
• Equity commitment letter from the developer to cover any cost overruns not included in the business plan.
• Irrevocable sales mandate in favour of Urbanitae investors, which can be activated in the event of default, material breach or failure to fully repay principal plus interest on the agreed or extended maturity date.

The sales mandate establishes that the minimum sale price will be equivalent to 80% of the latest available valuation.

As in all debt projects, a Project Monitor will be included. The Project Monitor will review work certifications, construction progress, possible deviations in timing and cost, and approve the loan drawdowns.

Exit Strategy

The expected exit for Urbanitae investors will take place through the sale of the villa.

The target price of the asset is €25 million. Commercialisation will be carried out through the developer’s direct channels and a selection of the five leading agencies in Marbella, under an exclusive invitation-only sales model.

The transaction presents an LTV below 44% based on the latest available valuation, €22.24 million in June 2026, and approximately 40% based on the target sale price.