Next Thursday, 10 September at 16:00 h (UTC+2), we will open the Alcalá 4 Golf II project for investment, the second tranche of a loan intended to partially finance the construction costs and general costs of a luxury villa in Nueva Andalucía, Marbella.
The first tranche was formalised in September 2025 and financed part of the asset’s construction. Now, the second tranche will allow the works to continue. Construction began in April 2025 and currently stands at around 42% completion.
The transaction is structured as debt, with a fixed interest rate of 10.0% simple annual interest, a term of 12 months and a minimum return equivalent to 12 months of interest.
- Opening for investment: Thursday, 10 September at 16:00 h (UTC+2)
- Project webinar: There will be no project webinar.
A luxury villa in Nueva Andalucía
Alcalá 4 Golf consists of the development of a detached single-family home located in Nueva Andalucía, one of Marbella’s most consolidated residential areas.
The villa is distributed over four levels on a plot of 1,458 m² and will have a total built area of 1,468 m². The project includes 5 bedrooms, 6 bathrooms, an outdoor swimming pool, underground parking, a garden, and views of the golf course and mountains.
The basement floor will be used for leisure spaces, including a wine cellar, games room, gym and spa, in line with the asset’s positioning within the luxury residential segment of the Costa del Sol.
A location linked to golf and the prime market
The asset is located in Nueva Andalucía, in the municipality of Marbella. It is a high-end residential area, characterised by its privacy, natural surroundings and good connections to Marbella, Puerto Banús and other key locations on the Costa del Sol.
The property will have views of Real Club de Golf Las Brisas and is less than 5 minutes from three other golf courses. This location reinforces the asset’s appeal for national and international buyers interested in Marbella’s prime residential market.
The manager: Cogitari Homes
The manager of the project is Cogitari Homes, a real estate group specialising in the design and development of exclusive residential projects, mainly on the Costa del Sol.
The company was founded by Lars Christensen, who has more than 30 years of experience in the real estate sector in Denmark and on the Costa del Sol. Cogitari Homes has developed more than 15 projects and has experience in luxury homes in Marbella, Benahavís and Málaga.
Alcalá 4 Golf is the fifth project financed by Urbanitae investors together with Cogitari Homes, after Villa Alcalá, Gate 3, Pinares de San Antón and Hills 14.
Works underway and 42% completion
The project has a building permit granted in November 2024 for the construction of a single-family home with a swimming pool.
Works began in April 2025 and the current level of completion stands at around 42%. The financing from the second tranche will be used to continue executing the works over the next six months, as well as to cover certain general and structuring costs.
The part of the loan allocated to financing the works will be drawn down through monthly certifications, always subject to a favourable report from the Project Monitor.
10% annual return and 12-month term
The transaction is structured as debt, through a fixed-rate loan. The total loan amounts to up to 5,100,000 euros and is structured in three tranches:
- First tranche: up to 2,185,000 euros, formalised in September 2025.
- Second tranche: up to 1,955,000 euros, corresponding to this opening.
- Third tranche: up to 960,000 euros, of which 860,000 euros will be raised through Urbanitae and 100,000 euros will be contributed by external co-investors.
The main characteristics of the second tranche are:
- Urbanitae amount: 1,955,000 euros
- Interest rate: 10.0% simple annual interest
- Term: 12 months
- Possible extension: additional 6 months
- Minimum return: equivalent to 12 months of interest
- Principal and interest payment: at maturity
The second tranche will be used to finance construction costs and general costs amounting to 1,798,535 euros for the development of the works over the next six months, as well as structuring costs of 156,465 euros.
Loan guarantees
The loan has a guarantee package consisting of:
- First-ranking mortgage over the property being financed, with mortgage liability of 150%.
- First-ranking pledge over the shares of the borrowing company.
- First-ranking pledge over the project’s bank accounts.
- Sale mandate in favour of Urbanitae investors.
- Capital commitment letter from the developer to ensure additional equity contributions to the project.
The sale mandate will be activated in month 24 if no extension takes place, in month 36 in the event of an extension, or in the event of any loan default.
As in all debt projects, the figure of the Project Monitor is included. The Project Monitor will review the works certifications, construction progress, possible deviations in timing and cost, and approve the monthly loan disbursements.
Exit strategy
The expected exit for Urbanitae investors will take place through the sale of the villa.
The asset will be marketed by a leading real estate agency on the Costa del Sol on an exclusive basis. As is customary with this type of asset, the marketing period will begin when the works reach a sufficient level of completion, at around 50%-60%.
The schedule envisages completion of construction, sale of the villa and repayment of the loan between the third and fourth quarters of 2027.
Why invest in the Alcalá 4 Golf II project
These are some of the main strengths of the transaction:
- Luxury villa in Nueva Andalucía, one of Marbella’s prime residential areas.
- Golf-related location, with views of Real Club de Golf Las Brisas.
- Works underway, with a level of completion close to 42%.
- First-ranking mortgage over the underlying asset.
- Mortgage liability of 150% over the property being financed.
- Fixed return of 10.0% simple annual interest, with a minimum return equivalent to 12 months of interest.
- Experienced manager in luxury residential products in Marbella and the Costa del Sol.
- Fifth project financed together with Cogitari Homes on the platform.
- Project Monitor to supervise certifications, construction progress and disbursements.
Estimated timeline
The estimated term of the second tranche is 12 months, with a possible 6-month extension.
The main expected milestones are:
- September 2025: granting of the first tranche to partially finance construction.
- September 2026: granting of the second tranche and continuation of the works.
- Third – fourth quarter of 2027: completion of works, sale of the villa and expected repayment of the loan to Urbanitae.
As with any real estate investment, timelines may vary depending on the actual progress of the works, marketing and market conditions.
Do you have questions about the project?
Alcalá 4 Golf II will open for investment on Thursday, 10 September at 16:00 h (UTC+2).
You can also write to us at contacto@urbanitae.com or call us on (+34) 911 23 25 22.
