We are returning to the Costa Brava with Project Ronda Nord, a new real estate debt opportunity in Sant Feliu de Guíxols, Girona. The transaction consists of partially financing the construction costs and general costs of an ongoing residential development, comprising 28 multifamily homes with parking spaces, a garden and a communal swimming pool.
The project has a valid building permit and construction has already begun, with progress at 25%. In addition, the loan will be secured by a first-ranking mortgage over the homes that make up the development.
- 📅 Investment opening: Tuesday, June 23, at 16:00 (UTC+2)
- 🎙 Project webinar: Monday, June 22, at 12:00 noon (UTC+2)
In this webinar, we will explain all the details of the project and answer investors’ questions.
28 Homes in Sant Feliu de Guíxols
The asset is located at Ronda Nord 37, in the upper part of the municipality of Sant Feliu de Guíxols, one of the most relevant locations on the Costa Brava.
The development is being built on an urban land plot of 1,277 sqm and will comprise 28 multifamily homes, distributed across two blocks of 14 units each. The homes will have between 2 and 4 bedrooms, spacious terraces, parking spaces and access to a communal swimming pool. The units will also have sea views.
The surrounding area is residential, quiet and family-oriented, located around six minutes by car from the town centre and the beach. The area has nearby access to supermarkets, schools and the main transport links towards Girona and Barcelona.
Construction Under Way and Permit Granted
Ronda Nord has a valid building permit and the horizontal division has been registered with the Land Registry.
Construction has already begun and currently stands at 25% progress. To date, earthworks have been completed, along with the first slab of Block 1 and the enclosures of Block 2.
This situation makes it possible to give direct continuity to the construction work with the funds from Urbanitae’s loan, reducing part of the uncertainty usually associated with projects in earlier stages.
The Manager: Dinarosi Costa Brava
The project manager is Dinarosi Costa Brava, a development company with more than 20 years of experience in the real estate sector, specialising in the development of residential assets at regional level.
The company focuses its activity on residential developments in consolidated locations on the Costa Brava, with a strong presence in Sant Feliu de Guíxols. Its model is based on direct control of the operations, technical development and construction process of the asset.
The developer acquired the land and began the works entirely with its own funds. The asset is currently fully owned by the company and is free of encumbrances.
Construction is being carried out by Daleks Construction, the developer’s trusted construction company, with more than 20 years of experience in residential building and renovation. It is a regular partner of the developer in the area, together with other local contractors, which strengthens control over costs and timelines.
Planned Commercialisation
Commercialisation of the homes will combine the developer’s direct management with specialised local agencies.
Sales have not yet begun, as the developer aims to maximise the value of the project by selling at more advanced stages of construction. However, the area has limited new-build supply and solid demand, as validated by the commercial due diligence.
In addition, the developer has direct experience on the same street: it developed a nearby project, Ronda Nord 13, comprising 32 homes, which was fully sold off-plan in 14 months.
Total Return of 15% Over 18 Months
The transaction is structured as debt, through a fixed-rate loan. The total loan amounts to up to €4,500,000, fully financed by Urbanitae investors and committed in four tranches:
- Tranche A: up to €1,240,000
- Tranche B: up to €1,120,000
- Tranche C: up to €1,070,000
- Tranche D: up to €1,070,000
This opening will finance Tranche A, with the following characteristics:
- Amount: €1,240,000
- Interest rate: 10.0% simple annual interest
- Total return: 15.0%
- Term: 18 months
- Possible extension: an additional 6 months
- Minimum interest period: equivalent to 9 months
- Principal and interest payment: at maturity
The part of the loan intended to finance the 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 made up of:
- First-ranking mortgage over the 28 homes that make up the project, with mortgage liability equal to 140% of the debt principal.
- Promise of mortgage over the project’s 28 parking spaces.
- First-ranking pledge over the shares of the borrower.
- First-ranking pledge over the borrower’s bank accounts.
- Cash-sweep mechanism covering 70% of net income derived from the sale of the units, allocated to loan amortisation.
- Equity Commitment Letter to cover part of the budgeted contingencies and possible unforeseen events not included in the business plan.
The 30% of income not swept may only be used for reinvestment in the project, increasing the value of the loan collateral for the benefit of Urbanitae investors.
As in all debt projects, the figure of the Project Monitor is included. The Project Monitor will review construction certifications, construction progress, possible deviations in terms of timing or cost, and approve the periodic loan disbursements.
Exit Strategy
The expected exit for investors will take place through the income generated by the sale of the homes.
The project has a building permit, construction already under way and a developer with experience in the same area. In addition, the cash-sweep mechanism allows a significant portion of sales income to be allocated to loan amortisation.
Why Invest in Ronda Nord
These are some of the project’s main strengths:
- Ongoing residential development in Sant Feliu de Guíxols, one of the municipalities with the highest demand on the Costa Brava.
- Valid building permit and registered horizontal division.
- 25% construction progress, with earthworks, first slab and enclosures already completed.
- First-ranking mortgage over the 28 homes in the project.
- Developer with local experience, including a previous development on the same street that was fully sold off-plan.
- Capital committed by the developer, with approximately €1.86 million allocated to the acquisition and part of the construction costs.
- Fixed return of 10% simple annual interest, with a minimum interest period of 9 months.
- Conservative LTV, with an initial ratio of approximately 30% over the current-state valuation and 47% over the valuation assuming the completed building.
Estimated Timeline
The estimated term of Tranche A is 18 months, with a possible 6-month extension.
The main expected milestones are:
- June 2026: granting of the loan to partially finance the construction costs and general costs of the project.
- Third quarter of 2026: continuation of construction works and start of commercialisation.
- Fourth quarter of 2027: completion of construction works.
- First quarter of 2028: delivery of the homes and repayment of the loan to Urbanitae investors.
As with any real estate investment, timelines may vary depending on the actual progress of the works, commercialisation and market conditions.
A Residential Transaction on the Costa Brava
Project Ronda Nord offers the opportunity to participate in the financing of an ongoing residential development in Sant Feliu de Guíxols, with a granted permit, advanced construction progress and a first-ranking mortgage guarantee over the homes.
The combination of location, the developer’s local experience, capital already invested, technical control of the project and a reinforced guarantee structure places this transaction among Urbanitae’s residential debt opportunities.
The investment opening will take place on Tuesday, June 23, at 16:00 (UTC+2).
Do You Have Questions About the Project?
You can ask your questions in the webinar on Monday, June 22, at 12:00 noon (UTC+2).
You can also write to us at contacto@urbanitae.com or call us on (+34) 911 23 25 22.
