Next Thursday, 16 July at 16:00 (UTC+2), we will open the Arcilla project for investment. This is a new real estate debt opportunity in Llers, Girona.
The transaction consists of granting a loan to partially finance the construction costs and general costs of a development of 31 townhouses located in Els Hostalets, within the municipality of Llers, in Alt Empordà.
The project already has a building permit granted, 5 reservations – 16% of the total – and a reinforced guarantee structure. This includes a first-ranking mortgage over the asset and an additional guarantee over a second development owned by the developer.
- 📅 Opening for investment: Thursday, 16 July at 16:00 (UTC+2)
- 🎙 Project webinar: Wednesday, 15 July at 12:00 (UTC+2)
31 Townhouses in Llers
The project involves the construction of 31 townhouses distributed across 6 blocks, with landscaped areas and a swimming pool, on a plot of 5,949 sqm.
The homes will have 3 or 4 bedrooms, 3 bathrooms, a private patio and outdoor parking. Each unit will have an approximate built area of 135 sqm, distributed over two above-ground floors.
In total, the development amounts to 4,177 sqm of built area. It is aimed at residential demand from families in an environment well connected to Figueres, the Costa Brava and southern France.
A Location Connected to Figueres, France and the Costa Brava
The asset is located in Els Hostalets, a residential area within the municipality of Llers, in the Alt Empordà region.
The location is just 10 minutes from Figueres, where much of the region’s service offering is concentrated: train station, hospital, supermarkets, schools and retail.
Alt Empordà also stands out for its connectivity. The French border is around 15 minutes away, the coast approximately 25 minutes away and Girona-Costa Brava Airport about 35 minutes by car. This position places the project at a strategic point between southern France and the Costa Brava, with Figueres acting as an economic and service hub.
The Manager: Caliza Homes
The manager of the project is Caliza Homes, a real estate group based in Barcelona and specialised in residential development in Catalonia.
Its partners have more than 20 years of experience in the real estate and construction sector. Through its two brands, Caliza Homes and Loess Homes Club, the group has developed more than 140 residential units.
In addition, the manager is currently developing another 13-home project in the Figueres area using the same construction system that will be applied in Arcilla. That project has received a positive commercial response, with a pre-sale level of 84% and construction progress of 50%.
Precast Concrete Construction
One of the project’s differentiating features is its construction system. The structure of the homes will be built using precast concrete construction, carried out by a top-tier construction company with more than 50 years of experience and specialised in industrialised construction.
The manufacture of the structure is expected to take 4 months, followed by on-site assembly over an additional 2-3 months. The works will be organised in two phases: a first phase covering two thirds of the homes and a second phase for the remaining third.
The overall estimated timeline until completion of the construction works is 22-24 months.
11% Per Year and a Total Return of 24.75%
The transaction is structured as debt, through a fixed-rate loan. The total amount is up to €6,200,000, committed in three tranches:
- Tranche A: €2,430,000, corresponding to this opening.
- Tranche B: €1,800,000.
- Tranche C: €1,970,000.
The main characteristics of Tranche A are:
- Amount: €2,430,000
- Interest rate: 11.0% simple annual interest
- Total return: 24.75%
- Term: 27 months
- Possible extension: additional 6 months
- Minimum return: equivalent to 16 months of interest
- Payment of principal and interest: at maturity
The funds from Tranche A will be used, on the one hand, for the first payment for the manufacture of the precast structure for phase 1. On the other hand, they will finance construction costs associated with earthworks, foundations and sanitation for the development.
To guarantee the funds disbursed for the manufacture of the structure, the construction company will issue a first-demand guarantee in favour of the developer through a top-tier banking institution.
Developer Contribution and Capital Commitment
To date, the manager has disbursed approximately €1.3 million of its own funds, allocated to the acquisition of the land and to the general costs of project definition and permits.
In addition, it commits to contributing additional own funds amounting to €1.47 million to cover pending construction and general costs, in line with the established milestones.
This additional contribution is guaranteed through an equity commitment letter and, as an additional guarantee, through a first-ranking mortgage over a second development owned by the developer.
Loan Guarantees
The loan includes a guarantee package composed of:
- First-ranking mortgage over the asset being financed, with mortgage liability of 140% of the principal.
- First-ranking pledge over the shares of the borrowing company.
- First-ranking pledge, without control over funds, over the project’s bank accounts.
- First-ranking mortgage over a second development located in L’Ametlla del Vallès, as an additional guarantee.
- Equity commitment letter from the developer to contribute additional own funds.
- 100% cash sweep of the income from the sale of the homes, allocated to amortising the Urbanitae loan.
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 will approve the monthly loan drawdowns.
Exit Strategy
The expected exit for Urbanitae investors will take place through the income generated from the sale of the homes.
Commercialisation will be carried out through a local agent, in collaboration with the project manager itself. At launch, the development already has 5 reservations, equivalent to 16% of the homes, as well as a list of more than 50 additional interested buyers.
In addition, the transaction has a favourable commercial due diligence report, which has validated both the prices established in the business plan and the expected sales schedule.
Why Invest in the Arcilla Project
These are some of the main strengths of the transaction:
- Development of 31 townhouses in Llers, 10 minutes from Figueres.
- Building permit granted, reducing planning risk and enabling construction to begin immediately after signing.
- First-ranking mortgage over the asset, reinforced with an additional guarantee over a second development owned by the developer.
- Precast concrete construction, with greater control over timelines, costs and industrial quality.
- Reservations already committed, with 16% of the homes reserved and more than 50 additional interested buyers.
- Fixed return of 11.0% simple annual interest, with a minimum return equivalent to 16 months of interest.
- Manager with more than 20 years of experience and more than 140 residential units developed in Catalonia.
- Project Monitor to supervise certifications, construction progress and drawdowns.
Estimated Timeline
The estimated term of Tranche A is 27 months, with a possible extension of an additional 6 months.
The main expected milestones are:
- July 2026: granting of the loan by Urbanitae investors and start of construction works.
- First quarter of 2027: completion of the assembly of the precast structure and continuation of interior works and common-area urbanisation.
- Third quarter of 2028: completion of the works, signing of the deeds for the homes and expected repayment of the loan to Urbanitae, within the 27-month term.
As with any real estate investment, timelines may vary depending on the actual progress of the works, commercialisation and market conditions.
A New Residential Transaction in Alt Empordà
The Arcilla project offers the opportunity to participate in a debt transaction backed by a residential development with a granted building permit, initial reservations, an industrialised construction system and a reinforced guarantee package.
The combination of location, commercial demand, the manager’s experience, a first-ranking mortgage and an additional guarantee over a second development strengthens the appeal of this new opportunity in Girona.
The opening for investment will take place on Thursday, 16 July at 16:00 (UTC+2).
Do You Have Questions About the Project?
You can ask your questions in the webinar on Wednesday, 15 July at 12:00 (UTC+2).
You can also write to us at contacto@urbanitae.com or call us on (+34) 911 23 25 22.
