Madrid · Alternative living
Financing for the purchase of the building and the development of 170 short and medium-stay apartments in central Madrid.
The operation
In central Madrid, a leading real estate company with more than 1,900 units delivered purchases a building to transform it into a complex of 170 short and medium-stay apartments, an asset type with growing demand and virtually no existing supply.
The 25 million euro development loan covers the purchase of the asset and the development. As the asset will be in operation once construction is complete, the expected exit is bank refinancing once it is operational.
The deal did not fit traditional banking criteria because of the asset type; we assessed it on the viability of the project and the developer's track record.
3 cases with a comparable structure in other markets.
Rivas-Vaciamadrid
CompletedAlternative living · 251 apartments
Financing for the construction of 251 tourist apartments and 16 retail units, with more than 60% sold before closing.
Málaga
OngoingResidential build-to-sell · 5 luxury villas
Financing for the land purchase, the VAT generated on the sale and the construction of five luxury villas.
Sevilla
CompletedResidential build-to-sell · 30 apartments
Financing for the conversion of an office floor into 30 apartments and for the VAT arising from the purchase.