Next Monday, 21 September at 16:00 h (UTC+2), we will open the Ronda Nord II project for investment, the second tranche of a loan intended to finance the construction of a residential development of 28 homes in Sant Feliu de Guíxols, Girona.
Tranche B has an amount of 1,120,000 euros, a term of 15 months and a fixed interest rate of 10% annual simple interest, representing a total return of 12.50%. It also includes a minimum return equivalent to seven months of interest, that is, 5.83%.
The development is already at an advanced stage: it has a building permit and construction had reached 38% completion at the end of August.
- Opening for investment: Monday, 21 September at 16:00 h (UTC+2)
- Term: 15 months + possible 6-month extension
- Ticket: 1,120,000 euros
- Interest: 10% annual simple interest
28 homes in Sant Feliu de Guíxols
The project involves the construction of 28 multifamily homes distributed across two blocks of 14 units.
The homes will have between 2 and 4 bedrooms, spacious terraces and a parking space, as well as communal areas with a garden and swimming pool. The upper floors will also enjoy sea views.
The development is located at Ronda Nord 37, in the upper part of Sant Feliu de Guíxols, around six minutes by car from the town centre and the beach. It is an established residential area, close to shops, schools and the main connections with Girona and Barcelona.
Construction 38% complete
One of the highlights of Ronda Nord II is the level of completion achieved.
The foundations and main structure of both blocks have already been completed. The façade enclosures are very advanced and the interior partitioning is finished on two floors and underway on a third.
The project also has a valid building permit and the horizontal division registered in the Land Registry.
The funds from tranche B will be used to continue construction work over the coming months, progressing with interior masonry, façades and installations.
The manager: Dinarosi Costa Brava
The project manager is Dinarosi Costa Brava, a developer specialising in residential real estate with a team that has more than 20 years of experience in construction and real estate development.
The developer acquired the land and started the works entirely with its own funds, before incorporating Urbanitae financing.
It also has direct experience on this same street. Its previous development, Ronda Nord 13, comprised 32 homes and was sold entirely off-plan in 14 months.
In the webinar for the first tranche, the manager explained that a large share of the buyers in that development came from the local area and from Barcelona, both for primary residences and second homes. That previous experience now serves as a commercial reference for Ronda Nord 37.
10% annual interest and a total return of 12.50%
The total loan may reach 4.5 million euros and is structured in four tranches.
Tranche A, amounting to 1.24 million euros, was formalised in July 2026. Ronda Nord II corresponds to tranche B, amounting to 1.12 million euros.
Its main conditions are:
- Fixed interest: 10% annual simple interest.
- Term: 15 months.
- Possible extension: 6 months.
- Total return: 12.50%.
- Minimum return: seven months of interest, equivalent to 5.83%.
- Payment of principal and interest: at maturity.
Drawdowns allocated to construction will be made against construction certifications and will be subject to approval by an independent Project Monitor.
Loan guarantees
The financing includes a first-ranking mortgage over the 28 homes, with mortgage liability of 140% of the principal, as well as a promise of mortgage over the 28 parking spaces.
After the first two tranches, the accumulated debt represents approximately 57% of the current appraised value of the asset.
The guarantee package is completed with:
- First-ranking pledge over the shares and bank accounts of the borrower company.
- Cash sweep of 70% of the net income obtained from the sale of the homes.
- Commitment by the developer to contribute additional capital to cover certain contingencies.
The 30% of income not subject to the cash sweep may only be reinvested in the project itself.
Why invest in Ronda Nord II
Among the main highlights of the project are:
- Construction 38% complete, with the structure practically finished.
- Building permit granted and horizontal division registered.
- First-ranking mortgage over the 28 homes.
- LTV of 57% on the current value of the asset after the first two tranches.
- Interest of 10% annual simple interest, with a total return of 12.50%.
- Minimum return of 5.83%, equivalent to seven months of interest.
- Previous experience of the manager on the same street, with a 32-home development sold entirely off-plan in 14 months.
Estimated timeline
The ordinary term of tranche B is 15 months, with a possible six-month extension.
The current forecast envisages the start of formal commercialisation in the fourth quarter of 2026 and the completion of construction in the fourth quarter of 2027. Delivery of the homes and repayment of the loan are expected in the first quarter of 2028.
You can consult the project page for all information on the operation, risks, legal documentation, due diligences and key investment data.
Do you have questions about the project?
The opening for investment of Ronda Nord II will be on Monday, 21 September at 16:00 h (UTC+2).
You can watch the webinar for the first tranche of Ronda Nord again on the project page.
You can also write to us at contacto@urbanitae.com or call us on (+34) 911 23 25 22.
