Madrid · Residential build-to-sell
Financing for the purchase of a former office building in central Madrid and its full refurbishment into 28 homes.
The operation
A former office building in central Madrid is being fully refurbished to convert it to residential use, with 28 multi-family homes.
The 7 million euro development loan finances the purchase of the building and the works, with LTGDV and LTC ratios in a conservative range. The developer has experience in this type of conversion.
The exit is refinancing upon delivery of the homes.
3 cases with a comparable structure in other markets.
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.
Valencia
CompletedResidential build-to-sell · 27 units
Financing for the land purchase and construction of 27 homes in Valencia, with more than 70% sold at closing.