{"id":88651,"date":"2026-07-14T18:17:50","date_gmt":"2026-07-14T16:17:50","guid":{"rendered":"https:\/\/blog.urbanitae.com\/?p=88651"},"modified":"2026-07-14T18:18:55","modified_gmt":"2026-07-14T16:18:55","slug":"arcilla-debt-at-11-per-year-for-31-townhouses-in-girona","status":"publish","type":"post","link":"https:\/\/blog.urbanitae.com\/en\/2026\/07\/14\/arcilla-debt-at-11-per-year-for-31-townhouses-in-girona\/","title":{"rendered":"Arcilla: Debt at 11% Per Year for 31 Townhouses in Girona"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"88651\" class=\"elementor elementor-88651 elementor-88644\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-section elementor-top-section elementor-element elementor-element-364887b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"364887b\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-139bfef8\" data-id=\"139bfef8\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-ace1520 elementor-widget elementor-widget-text-editor\" data-id=\"ace1520\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><\/p>\n<p>Next <strong>Thursday, 16 July at 16:00 (UTC+2)<\/strong>, we will open <strong>the Arcilla project<\/strong> for investment. This is a new real estate debt opportunity in Llers, Girona.<\/p>\n<p> <\/p>\n<p>The transaction consists of granting a loan to partially finance the construction costs and general costs of a development of <strong>31 townhouses<\/strong> located in Els Hostalets, within the municipality of Llers, in Alt Empord\u00e0.<\/p>\n<p> <\/p>\n<p>The project already has a <strong>building permit granted<\/strong>, 5 reservations \u2013 16% of the total \u2013 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.<\/p>\n<p> <\/p>\n<ul class=\"wp-block-list\">\n<li>\ud83d\udcc5 <strong>Opening for investment:<\/strong> Thursday, 16 July at 16:00 (UTC+2)<\/li>\n \n<li>\ud83c\udf99 <a href=\"https:\/\/us02web.zoom.us\/webinar\/register\/WN_AipGaAWIQj-s5AkI5LHImw\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Project webinar<\/strong><\/a>: Wednesday, 15 July at 12:00 (UTC+2)<\/li>\n<\/ul>\n<p> <\/p>\n<h2 class=\"wp-block-heading\">31 Townhouses in Llers<\/h2>\n<p> <\/p>\n<p>The <a href=\"https:\/\/urbanitae.com\/en\/project\/P000497\/?utm_source=blog_en&amp;utm_medium=organic&amp;utm_campaign=urbanitae_blog_0726&amp;utm_term=project_1&amp;utm_content=en_proyecto_arcilla\" target=\"_blank\" rel=\"noreferrer noopener\" data-type=\"link\" data-id=\"https:\/\/urbanitae.com\/en\/project\/P000497\/?utm_source=blog_en&amp;utm_medium=organic&amp;utm_campaign=urbanitae_blog_0726&amp;utm_term=project_1&amp;utm_content=en_proyecto_arcilla\">project<\/a> involves the construction of <strong>31 townhouses<\/strong> distributed across 6 blocks, with landscaped areas and a swimming pool, on a plot of <strong>5,949 sqm<\/strong>.<\/p>\n<p> <\/p>\n<p>The homes will have <strong>3 or 4 bedrooms<\/strong>, 3 bathrooms, a private patio and outdoor parking. Each unit will have an approximate built area of <strong>135 sqm<\/strong>, distributed over two above-ground floors.<\/p>\n<p> <\/p>\n<p>In total, the development amounts to 4,177 sqm of built area. It is aimed at <a href=\"https:\/\/blog.urbanitae.com\/en\/2026\/06\/11\/prime-residential-in-spain-less-volume-more-quality\/?utm_source=blog_en&amp;utm_medium=organic&amp;utm_campaign=urbanitae_blog_0726&amp;utm_term=residential_demand&amp;utm_content=en_proyecto_arcilla\" target=\"_blank\" rel=\"noreferrer noopener\" data-type=\"link\" data-id=\"https:\/\/blog.urbanitae.com\/en\/2026\/06\/11\/prime-residential-in-spain-less-volume-more-quality\/?utm_source=blog_en&amp;utm_medium=organic&amp;utm_campaign=urbanitae_blog_0726&amp;utm_term=residential_demand&amp;utm_content=en_proyecto_arcilla\">residential demand<\/a> from families in an environment well connected to Figueres, the Costa Brava and southern France.<\/p>\n<p> <\/p>\n<h2 class=\"wp-block-heading\">A Location Connected to Figueres, France and the Costa Brava<\/h2>\n<p> <\/p>\n<p>The asset is located in <strong>Els Hostalets<\/strong>, a residential area within the municipality of <strong>Llers<\/strong>, in the Alt Empord\u00e0 region.<\/p>\n<p> <\/p>\n<p>The location is just <strong>10 minutes from Figueres<\/strong>, where much of the region\u2019s service offering is concentrated: train station, hospital, supermarkets, schools and retail.<\/p>\n<p> <\/p>\n<p>Alt Empord\u00e0 also stands out for its connectivity. The French border is around <strong>15 minutes away<\/strong>, the coast approximately <strong>25 minutes away<\/strong> and Girona-Costa Brava Airport about <strong>35 minutes by car<\/strong>. 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.<\/p>\n<p> <\/p>\n<h2 class=\"wp-block-heading\">The Manager: Caliza Homes<\/h2>\n<p> <\/p>\n<p>The manager of the <a href=\"https:\/\/urbanitae.com\/en\/project\/P000497\/?utm_source=blog_en&amp;utm_medium=organic&amp;utm_campaign=urbanitae_blog_0726&amp;utm_term=project_2&amp;utm_content=en_proyecto_arcilla\" target=\"_blank\" rel=\"noreferrer noopener\" data-type=\"link\" data-id=\"https:\/\/urbanitae.com\/en\/project\/P000497\/?utm_source=blog_en&amp;utm_medium=organic&amp;utm_campaign=urbanitae_blog_0726&amp;utm_term=project_2&amp;utm_content=en_proyecto_arcilla\">project<\/a> is <strong>Caliza Homes<\/strong>, a real estate group based in Barcelona and specialised in residential development in Catalonia.<\/p>\n<p> <\/p>\n<p>Its partners have more than <strong>20 years of experience<\/strong> in the real estate and construction sector. Through its two brands, Caliza Homes and Loess Homes Club, the group has developed more than <strong>140 residential units<\/strong>.<\/p>\n<p> <\/p>\n<p>In addition, the manager is currently developing another <strong>13-home<\/strong> 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 <strong>84%<\/strong> and construction progress of <strong>50%<\/strong>.<\/p>\n<p> <\/p>\n<h2 class=\"wp-block-heading\">Precast Concrete Construction<\/h2>\n<p> <\/p>\n<p>One of the project\u2019s differentiating features is its construction system. The structure of the homes will be built using <strong>precast concrete construction<\/strong>, carried out by a top-tier construction company with more than 50 years of experience and specialised in <a href=\"https:\/\/blog.urbanitae.com\/en\/2025\/01\/08\/industrialized-construction-the-answer-to-spains-current-housing-deficit\/?utm_source=blog_en&amp;utm_medium=organic&amp;utm_campaign=urbanitae_blog_0726&amp;utm_term=industrialised_construction&amp;utm_content=en_proyecto_arcilla\" target=\"_blank\" rel=\"noreferrer noopener\" data-type=\"link\" data-id=\"https:\/\/blog.urbanitae.com\/en\/2025\/01\/08\/industrialized-construction-the-answer-to-spains-current-housing-deficit\/?utm_source=blog_en&amp;utm_medium=organic&amp;utm_campaign=urbanitae_blog_0726&amp;utm_term=industrialised_construction&amp;utm_content=en_proyecto_arcilla\">industrialised construction<\/a>.<\/p>\n<p> <\/p>\n<p>The manufacture of the structure is expected to take <strong>4 months<\/strong>, followed by on-site assembly over an additional <strong>2-3 months<\/strong>. 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.<\/p>\n<p> <\/p>\n<p>The overall estimated timeline until completion of the construction works is <strong>22-24 months<\/strong>.<\/p>\n<p> <\/p>\n<h2 class=\"wp-block-heading\">11% Per Year and a Total Return of 24.75%<\/h2>\n<p> <\/p>\n<p>The transaction is structured as debt, through a fixed-rate loan. The total amount is up to <strong>\u20ac6,200,000<\/strong>, committed in three tranches:<\/p>\n<p> <\/p>\n<ul class=\"wp-block-list\">\n<li><strong>Tranche A:<\/strong> \u20ac2,430,000, corresponding to this opening.<\/li>\n \n<li><strong>Tranche B:<\/strong> \u20ac1,800,000.<\/li>\n \n<li><strong>Tranche C:<\/strong> \u20ac1,970,000.<\/li>\n<\/ul>\n<p> <\/p>\n<p>The main characteristics of Tranche A are:<\/p>\n<p> <\/p>\n<ul class=\"wp-block-list\">\n<li><strong>Amount:<\/strong> \u20ac2,430,000<\/li>\n \n<li><strong>Interest rate:<\/strong> 11.0% simple annual interest<\/li>\n \n<li><strong>Total return:<\/strong> 24.75%<\/li>\n \n<li><strong>Term:<\/strong> 27 months<\/li>\n \n<li><strong>Possible extension:<\/strong> additional 6 months<\/li>\n \n<li><strong>Minimum return:<\/strong> equivalent to 16 months of interest<\/li>\n \n<li><strong>Payment of principal and interest:<\/strong> at maturity<\/li>\n<\/ul>\n<p> <\/p>\n<p>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.<\/p>\n<p> <\/p>\n<p>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.<\/p>\n<p> <\/p>\n<h2 class=\"wp-block-heading\">Developer Contribution and Capital Commitment<\/h2>\n<p> <\/p>\n<p>To date, the manager has disbursed approximately <strong>\u20ac1.3 million<\/strong> of its own funds, allocated to the acquisition of the land and to the general costs of project definition and permits.<\/p>\n<p> <\/p>\n<p>In addition, it commits to contributing additional own funds amounting to <strong>\u20ac1.47 million<\/strong> to cover pending construction and general costs, in line with the established milestones.<\/p>\n<p> <\/p>\n<p>This additional contribution is guaranteed through an <strong>equity commitment letter<\/strong> and, as an additional guarantee, through a first-ranking mortgage over a second development owned by the developer.<\/p>\n<p> <\/p>\n<h2 class=\"wp-block-heading\">Loan Guarantees<\/h2>\n<p> <\/p>\n<p>The <a href=\"https:\/\/blog.urbanitae.com\/en\/glossary\/secured-lending\/?utm_source=blog_en&amp;utm_medium=organic&amp;utm_campaign=urbanitae_blog_0726&amp;utm_term=loan&amp;utm_content=en_proyecto_arcilla\" target=\"_blank\" rel=\"noreferrer noopener\" data-type=\"link\" data-id=\"https:\/\/blog.urbanitae.com\/en\/glossary\/secured-lending\/?utm_source=blog_en&amp;utm_medium=organic&amp;utm_campaign=urbanitae_blog_0726&amp;utm_term=loan&amp;utm_content=en_proyecto_arcilla\">loan<\/a> includes a guarantee package composed of:<\/p>\n<p> <\/p>\n<ul class=\"wp-block-list\">\n<li><strong>First-ranking mortgage<\/strong> over the asset being financed, with mortgage liability of 140% of the principal.<\/li>\n \n<li><strong>First-ranking pledge<\/strong> over the shares of the borrowing company.<\/li>\n \n<li><strong>First-ranking pledge<\/strong>, without control over funds, over the project\u2019s bank accounts.<\/li>\n \n<li><strong>First-ranking mortgage over a second development<\/strong> located in L\u2019Ametlla del Vall\u00e8s, as an additional guarantee.<\/li>\n \n<li><strong>Equity commitment letter<\/strong> from the developer to contribute additional own funds.<\/li>\n \n<li><strong>100% cash sweep<\/strong> of the income from the sale of the homes, allocated to amortising the Urbanitae loan.<\/li>\n<\/ul>\n<p> <\/p>\n<p>As in all debt projects, a <strong>Project Monitor<\/strong> 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.<\/p>\n<p> <\/p>\n<h2 class=\"wp-block-heading\">Exit Strategy<\/h2>\n<p> <\/p>\n<p>The expected exit for Urbanitae investors will take place through the <strong>income generated from the sale of the homes<\/strong>.<\/p>\n<p> <\/p>\n<p>Commercialisation will be carried out through a local agent, in collaboration with the project manager itself. At launch, the development already has <strong>5 reservations<\/strong>, equivalent to <strong>16%<\/strong> of the homes, as well as a list of more than <strong>50 additional interested buyers<\/strong>.<\/p>\n<p> <\/p>\n<p>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.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-section elementor-top-section elementor-element elementor-element-ed4f243 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"ed4f243\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-cd86da4\" data-id=\"cd86da4\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-692968f elementor-widget elementor-widget-video\" data-id=\"692968f\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;youtube_url&quot;:&quot;https:\\\/\\\/youtu.be\\\/SnpbBSW1dIw&quot;,&quot;video_type&quot;:&quot;youtube&quot;,&quot;controls&quot;:&quot;yes&quot;}\" data-widget_type=\"video.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-wrapper elementor-open-inline\">\n\t\t\t<div class=\"elementor-video\"><\/div>\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-section elementor-top-section elementor-element elementor-element-64b42bd elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"64b42bd\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-7901652\" data-id=\"7901652\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-3b75a5d elementor-widget elementor-widget-text-editor\" data-id=\"3b75a5d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h2 class=\"wp-block-heading\">Why Invest in the Arcilla Project<\/h2>\n<p> <\/p>\n<p>These are some of the main strengths of the <a href=\"https:\/\/urbanitae.com\/en\/project\/P000497\/?utm_source=blog_en&amp;utm_medium=organic&amp;utm_campaign=urbanitae_blog_0726&amp;utm_term=transaction&amp;utm_content=en_proyecto_arcilla\" target=\"_blank\" rel=\"noreferrer noopener\" data-type=\"link\" data-id=\"https:\/\/urbanitae.com\/en\/project\/P000497\/?utm_source=blog_en&amp;utm_medium=organic&amp;utm_campaign=urbanitae_blog_0726&amp;utm_term=transaction&amp;utm_content=en_proyecto_arcilla\">transaction<\/a>:<\/p>\n<p> <\/p>\n<ul class=\"wp-block-list\">\n<li><strong>Development of 31 townhouses<\/strong> in Llers, 10 minutes from Figueres.<\/li>\n \n<li><strong>Building permit granted<\/strong>, reducing planning risk and enabling construction to begin immediately after signing.<\/li>\n \n<li><strong>First-ranking mortgage<\/strong> over the asset, reinforced with an additional guarantee over a second development owned by the developer.<\/li>\n \n<li><strong>Precast concrete construction<\/strong>, with greater control over timelines, costs and industrial quality.<\/li>\n \n<li><strong>Reservations already committed<\/strong>, with 16% of the homes reserved and more than 50 additional interested buyers.<\/li>\n \n<li><strong>Fixed return of 11.0% simple annual interest<\/strong>, with a minimum return equivalent to 16 months of interest.<\/li>\n \n<li><strong>Manager with more than 20 years of experience<\/strong> and more than 140 residential units developed in Catalonia.<\/li>\n \n<li><strong>Project Monitor<\/strong> to supervise certifications, construction progress and drawdowns.<\/li>\n<\/ul>\n<p> <\/p>\n<h2 class=\"wp-block-heading\">Estimated Timeline<\/h2>\n<p> <\/p>\n<p>The estimated term of Tranche A is <strong>27 months<\/strong>, with a possible extension of an additional 6 months.<\/p>\n<p> <\/p>\n<p>The main expected milestones are:<\/p>\n<p> <\/p>\n<ul class=\"wp-block-list\">\n<li><strong>July 2026:<\/strong> granting of the loan by Urbanitae investors and start of construction works.<\/li>\n \n<li><strong>First quarter of 2027:<\/strong> completion of the assembly of the precast structure and continuation of interior works and common-area urbanisation.<\/li>\n \n<li><strong>Third quarter of 2028:<\/strong> completion of the works, signing of the deeds for the homes and expected repayment of the loan to Urbanitae, within the 27-month term.<\/li>\n<\/ul>\n<p> <\/p>\n<p>As with any real estate investment, timelines may vary depending on the actual progress of the works, commercialisation and market conditions.<\/p>\n<p> <\/p>\n<h2 class=\"wp-block-heading\">A New Residential Transaction in Alt Empord\u00e0<\/h2>\n<p> <\/p>\n<p>The <a href=\"https:\/\/urbanitae.com\/en\/project\/P000497\/?utm_source=blog_en&amp;utm_medium=organic&amp;utm_campaign=urbanitae_blog_0726&amp;utm_term=arcilla_project&amp;utm_content=en_proyecto_arcilla\" target=\"_blank\" rel=\"noreferrer noopener\" data-type=\"link\" data-id=\"https:\/\/urbanitae.com\/en\/project\/P000497\/?utm_source=blog_en&amp;utm_medium=organic&amp;utm_campaign=urbanitae_blog_0726&amp;utm_term=arcilla_project&amp;utm_content=en_proyecto_arcilla\">Arcilla project<\/a> 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.<\/p>\n<p> <\/p>\n<p>The combination of location, commercial demand, the manager\u2019s experience, a first-ranking mortgage and an additional guarantee over a second development strengthens the appeal of this new opportunity in Girona.<\/p>\n<p> <\/p>\n<p>The opening for investment will take place on <strong>Thursday, 16 July at 16:00 (UTC+2)<\/strong>.<\/p>\n<p> <\/p>\n<h2 class=\"wp-block-heading\"><strong>Do You Have Questions About the Project?<\/strong><\/h2>\n<p> <\/p>\n<p>You can ask your questions in the <a href=\"https:\/\/us02web.zoom.us\/webinar\/register\/WN_AipGaAWIQj-s5AkI5LHImw\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>webinar<\/strong><\/a> on <strong>Wednesday, 15 July at 12:00 (UTC+2)<\/strong>.<\/p>\n<p> <\/p>\n<p>You can also write to us at <a href=\"mailto:contacto@urbanitae.com\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>contacto@urbanitae.com<\/strong><\/a> or call us on <strong>(+34) 911 23 25 22<\/strong>.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Arcilla finances a 31-townhouse development in Llers, with planning permission granted, initial reservations, prefabricated construction and enhanced guarantees.<\/p>\n","protected":false},"author":1,"featured_media":88650,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[1076,926],"tags":[1169,1953,897,2104,888],"class_list":["post-88651","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt","category-projects","tag-catalogne","tag-real-estate-crowdlending","tag-real-estate-debt","tag-real-estate-investment-2","tag-residential-real-estate-sector"],"blocksy_meta":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Real estate debt in Girona at 11% annual return<\/title>\n<meta name=\"description\" content=\"Discover how to invest in real estate debt in Girona with Arcilla: 31 townhouses, planning permission granted, initial reservations and an 11% annual return.\" \/>\n<meta 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