Pre-opening | Civislend finances the change of use of a former Telefónica data centre into 46 homes in Hortaleza (Madrid) through a €3,000,000 bridge loan at 10% with a first-rank mortgage

02/09/2026 – ⏱ 3 min

This article is for informational purposes only and does not, under any circumstances, constitute investment advice or a recommendation.

The crowdfunding platform Civislend is preparing to launch a real estate investment opportunity in the Pinar del Rey neighbourhood, in the Madrid district of Hortaleza. The operation consists of a bridge loan secured by a first-rank mortgage granted to the developer Re-Aviva, intended to finance part of the purchase price of an asset on which a residential complex of 46 homes and 51 garage spaces will be developed. It is worth recalling that any reference to returns is inseparable from the corresponding risk, which is detailed further below.

Civislend investors will grant a loan of €3,000,000 secured by a first-rank mortgage, to which external investors will be added on an equal-ranking basis for a maximum amount of €1,000,000, so that the total first-rank debt amounts to €4,000,000. The loan, with a 21-month term and a nominal annual interest rate (TIN) of 10.00%, allows full or partial repayment without penalty from month 12 and a 6-month extension at the same TIN; this return reference is subject to investment risk and is not guaranteed. During the life of the loan, the developer —who acquires the asset for €6,500,000— will carry out the change of use, obtain the building permit, market the homes and tender the works; the investors' exit will coincide with the granting of the developer loan, for which it is already working with top-tier banks.

Asset Description, Change of Use and Developer

The asset is an industrial building constructed in 1974 that has until now operated as a Telefónica data centre, although it is a consolidated urban plot with a residential characteristic use. The developer is working with an urban planning collaboration entity to carry out the change of use from office to residential and obtain the building permit, and the project holds an Urban Planning Adequacy Certificate confirming the viability of the operation. In addition to the change of use, an extension of three additional storeys will be undertaken to develop the 46 homes and 51 garage spaces. The plot measures 1,100 sqm and the project has a total surface area of 6,324 sqm —of which 4,225 sqm are above ground—, with a pool and solarium on the roof; the homes will have an average surface area of 92 sqm and will feature one, two or three bedrooms.

The developer, Re-Aviva, is a Madrid-based real estate manager specialising in the transformation and change of use of obsolete premises for their reinsertion into the residential market, with a team of more than 20 years of experience and more than 10 projects developed in areas such as Príncipe de Vergara, Cuzco or Puerta de Hierro, according to the information provided. This is the third project it finances with Civislend, following Quinta de los Molinos (2024) and El Viso Reaviva (2024), both already successfully repaid in 2026.

Financial Structure, Coverage Ratios and Collateral

The main collateral of the operation is a first-rank mortgage over the project's land, currently valued at €7,953,664. Against the total first-rank debt of €4,000,000 (€3,000,000 from Civislend plus €1,000,000 from external investors), the operation shows a current loan-to-value (LTV) ratio of 50%. The Civislend investors' loan is drawn down in a single disbursement of €2,562,050 to complete part of the payment for the asset purchase, plus formalisation costs of approximately €437,950. At the time of signing, Civislend contributes 43% of the funds (€3,000,000), external investors 15% (€1,000,000) and the developer 42% (€2,937,950).

In compliance with European crowdfunding regulations, it is recalled that non-sophisticated investors have a pre-contractual reflection period of four calendar days during which they may withdraw their investment offer without justification or penalty. This is a crowdfunding product and not a deposit or a guaranteed savings product. Real estate investments carry risks of illiquidity and total or partial loss of principal; this project is not supervised by the CNMV or the Bank of Spain, and is not covered by the deposit guarantee scheme (Directive 2014/49/EU) or the investor compensation scheme (Directive 97/9/EC).

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