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Xenia Capital

Private real estate debt · Spain and Portugal

Xenia Capital, alternative real estate financing in Spain and Portugal

We finance, with a developer's judgement, the projects traditional banks don't analyse, backed by capital from Oaktree Capital Management. Four debt solutions, from 7 to 100 million euros.

See financing solutions

The four ways Xenia Capital finances your project

Each solution covers one phase of the asset's life cycle. If you're not sure which one fits, tell us about the deal and we'll tell you.

01

Acquisition

Capital to buy land or an asset when the deal needs to close before you can meet the requirements a bank demands.

Ver préstamo puente

02

Construction

Construction or refurbishment costs, with drawdowns against certification verified by an independent Project Monitor.

Ver préstamo promotor

03

Acquisition and construction

A single structure that combines the acquisition of the asset, debt refinancing and its subsequent development.

Ver whole loan

04

Operation

Completed, cash-generating assets: refinancing, acquisition, equity recapitalisation and improvement plans.

Ver investment loan

Financing for real estate deals across different professional profiles

Professional real estate deals in Spain and Portugal, with a minimum amount of seven million euros.

01

Real estate developers

Teams with a proven track record that need capital to buy land, start construction or cover the gap that banks won't fill.

02

Investors and family offices

Acquiring assets under tight deadlines, repositioning properties and refinancing debt approaching maturity.

03

Living and hospitality operators

Build-to-rent, coliving, flex living, serviced apartments and hospitality projects, whether new-build or already operating.

Xenia Capital, present in Spain and Portugal

A team based in Madrid with local knowledge of the five markets where our portfolio is concentrated.

Madrid

For-sale residential, prime-area refurbishment and serviced apartments. It's the market with the largest weight in the portfolio.

Barcelona

Build-to-rent, coliving and refinancing of institutional-grade residential portfolios.

Costa del Sol

Luxury villas, aparthotels and repositioning of tourism assets in Málaga, Marbella and Estepona.

Valencia

Residential for-sale development, build-to-rent and conversion of buildings to hotel use.

Portugal

Lisbon, Porto and the Algarve: operating hospitality assets, flex living and land with a project.

Recent Xenia Capital deals

Three of the 26 deals financed in the Iberian market.

Málaga

Ongoing

Málaga · Luxury villas

Residential build-to-sell · 5 luxury villas

Financing type
Development Loan
Amount financed
12.0 M€
Term
28 months

Financing for the land purchase, the VAT generated on the sale and the construction of five luxury villas.

San Sebastián de los Reyes

Completed

Madrid · Lofts (Phase II)

Residential build-to-sell · 331 lofts

Financing type
Development Loan
Amount financed
21.0 M€
Term
28 months

Financing for the construction of 331 lofts, the second phase of a project with a leading developer in the area.

Madrid

Completed

Madrid · Flexible apartments

Alternative living · 170 apartments

Financing type
Development Loan
Amount financed
25.0 M€
Term
36 months

Financing for the purchase of the building and the development of 170 short and medium-stay apartments in central Madrid.

Who we are

Alternative financing with real estate judgement, since 2015

Xenia Capital was founded in Madrid in 2015 on a simple idea: there are sound real estate projects that traditional banks won't finance because they don't fit their risk template, not because they don't make sense. Since then, we've analysed them with a developer's and investor's judgement, not a scoring algorithm.

We started with bridge loans and development loans in Madrid, the Costa del Sol and Barcelona. Over the years, the range grew to the four current solutions and our activity extended to Portugal, covering the entire life cycle of the asset: acquisition, construction, purchase and construction, and operation.

The collaboration with Oaktree Capital Management wasn't a sudden decision: we had been investing together in Spain for three years before Oaktree took a stake in Xenia's capital in 2025. The result is the same platform, with the same team, but with committed capital and the capacity for larger deals.

Xenia is built on our principles

Four principles that apply to every deal, whatever its size.

01

Judgement

We analyse every project with a developer's and investor's eye, not just a bank's scoring algorithm.

02

Flexibility

We design the structure around the project, not the other way round: every deal has its own drawdown schedule and collateral.

03

Transparency

A clear term sheet and a single point of contact throughout the deal, with no surprises at closing.

04

Commitment

We stay with the project until the end, construction included, not just until signing.

A team of professionals dedicated to your project

Led by Rory Buchanan (CEO) and Gonzalo Barrios (Managing Partner), the Xenia Capital team brings together experience in real estate development, investment and financing across Spain and Portugal. Every deal has a single point of contact from first contact through to signing, backed by the investment committee for major decisions. We analyse your project with the same judgement we'd apply to one of our own.

Conocer al equipo

Our shareholder

Backed by Oaktree Capital Management

Xenia Capital is held by funds managed by Oaktree Capital Management, a global alternative investment management firm founded in 1995 in Los Angeles and one of the world's largest credit managers.

For a developer that means three concrete things: certainty of funds, because the capital is committed and doesn't depend on raising a vehicle per deal; ticket capacity, to take on up to one hundred million without syndication; and institutional judgement, with a rigorous but predictable analysis process.

What doesn't change is the team. The analysis is done by the same people, from Madrid, with knowledge of the markets where you develop.

Conocer a Oaktree

Xenia Capital in the specialist press

A selection of published coverage of Xenia Capital in the business and real estate press.

How we work

The same process for all four solutions, from when we receive the transaction to signing before a notary.

  1. Step 01

    Information request

    Executive summary, track record and a monthly business plan.

    Preliminary analysis

  2. Step 02

    Term sheet

    Amount, leverage, pricing, guarantees and conditions precedent.

    With Oaktree

  3. Step 03

    Information package

    Financial model, market analysis and stress scenarios.

    Investment Memo

  4. Step 04

    Due diligence

    Legal advisers, valuers, project monitors and KYC/AML checks.

    External advisers

  5. Step 05

    Signing

    Investment Committee approval, disbursement of funds and notary.

    Notarial deed

What we do not finance

To save you time: these transactions fall outside our focus. Our minimum ticket is seven million euros.

  • Individual mortgages
  • Purchase of a primary residence
  • Self-build of a home
  • Renovations of private homes
  • Personal loans
  • Non-real-estate assets
  • Projects outside Spain and Portugal
  • Transactions below €7 million

Frequently asked questions about alternative real estate financing

What developers ask us before submitting a transaction.

Who is Xenia Capital?

Xenia Capital is an alternative financing platform for the real estate sector in Spain and Portugal, active since 2015 and backed by Oaktree Capital Management since 2025. We finance projects with real estate judgement wherever traditional banking does not reach.

Since when has Xenia Capital been operating?

Xenia Capital has been operating since 2015 in the Spanish real estate market and has expanded its activity to Portugal. Since 2025 it has been part of Oaktree Capital Management, which multiplies its investment capacity and its capacity for larger deals.

Where does Xenia Capital have a presence?

The Xenia Capital team is based in Madrid and analyses deals across Spain and Portugal, with particular activity in Madrid, Barcelona, the Costa del Sol and Valencia.

Who does Xenia Capital finance?

Real estate developers, investors and family offices, and living and hotel operators, in professional deals from seven million euros upwards. We assess each profile on the viability of the project, not on a standard risk template.

What does Oaktree Capital Management bring to Xenia?

Oaktree Capital Management is one of the largest alternative investment managers in the world. Its backing brings investment capacity, institutional strength and a long-term view of the Iberian real estate market.

Is Xenia Capital the same as Oaktree?

No. Xenia Capital is the alternative real estate financing platform that analyses, structures and formalizes each loan in Spain and Portugal. Oaktree Capital Management is its shareholder: it provides the capital and the investment judgement, but the developer's point of contact is always the Xenia team.

How many deals has Xenia Capital financed?

Xenia Capital has financed deals in build-to-sell, build-to-rent, hotel and alternative living across different locations in Spain and Portugal. The full list, with amount, structure and status, is available on funded deals.

How can I submit a project to Xenia Capital?

Through the contact form on the website, with a summary of the deal, the team's track record and the business plan. Xenia Capital's investment team carries out an initial fit assessment.

Tell us about your transaction

The investment team will carry out an initial fit assessment. No obligation.

Tell us about your project

A Xenia analyst will review it with real estate expertise.

Contact details