New project! Invest in Barajas with a 9.875% annual return

Next Monday, March 16 at 4:00 p.m. (UTC+2), we will open Géminis II for investment, the second financing tranche of a residential project located in the Barajas district of Madrid.

This project continues the Géminis transaction, financed in September 2025 on Urbanitae. If you want to learn all the details of the project — location, developer, and overall development approach — you can watch the Géminis project webinar, where we explain the transaction together with the project manager.

A 44-home residential development in Barajas

The Géminis II project involves the development of a residential scheme of 44 homes with parking spaces and storage rooms.

The building will be distributed across ground floor plus three above-ground floors and two basement levels, with a total gross buildable area of approximately 3,415 sqm.

The homes will offer 1, 2, and 3 bedrooms, in an area with limited supply of new-build housing and solid residential demand.

The asset is located less than 300 meters from the metro, providing direct access to central Madrid and Adolfo Suárez Madrid-Barajas Airport.

Just 20 minutes from central Madrid

The project is located in the Barajas district, in the northeast of Madrid.

With a population of close to 50,000 inhabitants, the district combines established residential neighborhoods with large green areas and a strong public transport network.

Its immediate proximity to Adolfo Suárez Madrid-Barajas Airport and major road infrastructure makes it a strategic area within the city’s urban and economic structure.

In addition, the district is around 12 kilometers from Madrid city center, allowing access to the center in approximately 20 minutes by car or less than 30 minutes by public transport.

A technical particularity that has already been resolved

The plot has one distinctive feature: Madrid Metro Line 8 runs underneath the site.

The project has been designed taking this circumstance into account and has been developed with the support of specialized engineering and architecture teams, as well as in coordination with the City Council and Metro de Madrid.

Among the factors that mitigate this issue are the following:

• The metro line is located 12 meters below ground level.
• It will remain 6 meters below the building’s -2 basement floor.
• The soil conditions are favorable from a geotechnical point of view.

• Line 8 is one of the most modern lines in the network, and its route beneath Barajas was designed with future surface urban developments in mind.

A developer with more than 25 years of experience

The project manager behind the transaction is Behike Capital, a developer specialized in new-build multifamily housing.

With more than 25 years of experience, the team has developed and delivered more than 1,500 homes.

It currently has six projects under development totaling more than 250 homes in cities such as Madrid, Mallorca, Bilbao, and Granada.

9.875% return over 12 months

The project’s total financing is structured as a mortgage-backed loan divided into two tranches.

• Total loan amount: up to €3,435,000
• Tranche A: €2,110,000 (formalized in September 2025)
• Tranche B: €1,325,000 (the subject of this new investment opportunity)

Tranche B has the following terms:

• Interest rate: 9.875% simple annual interest
• Term: 12 months
• Possible extension: 6 additional months
• Minimum interest: equivalent to 6 months
• Interest and principal will be repaid at maturity.

The loan is secured by a first-rank mortgage over the project’s underlying asset.

What Tranche B will be used for

The land acquisition was structured in two payments equivalent to 50% of the purchase price each.

• The first payment was made in September 2025, partially financed through Tranche A.

• Tranche B will finance approximately 53% of the deferred payment for the land acquisition, as well as part of the associated acquisition costs.

The developer has already invested approximately €2.5 million of equity into the project.

Exit strategy

The repayment of the loan is expected to come through bank refinancing.

Once the building permit has been obtained and the pre-sales level required by the financing bank has been reached, the developer loan will be granted, allowing Urbanitae’s loan to be refinanced.

The building permit was applied for in December 2025 through an ECU (Urban Planning Collaborating Entity), and it is expected to be obtained between Q2 and Q3 2026.