Pre-opening | Raizers finances the land acquisition and construction start of a 58-home development in Stains (France) through a bond issue

18/08/2026 – ⏱ 3 min

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

The crowdfunding platform Raizers is preparing to launch a real estate investment opportunity in the Greater Paris Metropolis. The operation consists of a bond issue intended to finance the land acquisition and the construction start of a residential development of 58 homes and a commercial unit in Stains (Seine-Saint-Denis, France), driven by the company CDLink. It is worth recalling that any reference to returns is inseparable from the corresponding risk, which is detailed further below.

The call sets a financing amount of €1,900,000 through a bond issue in favour of the company carrying out the operation. According to the documentation, the issue contract provides for early repayments based on the progress of pre-sales and works, with milestones of €700,000 at the ground floor of R+2, €700,000 on completion of the structure and €500,000 on delivery. The operation is secured by a security trust over the shares of the special-purpose vehicle (SCCV 7 Carnot Cachin) in favour of Raizers, on behalf of all bondholders; a notarial deferred-payment guarantee (GAPD) from the company INOYAM; a private GAPD from the vehicle itself; and the notarial personal guarantees of the two operators.

Asset Description, Progress and Operators

The programme, named Stay'n, involves the construction of three six-storey-plus-basement buildings with a total of 58 homes of two to five rooms — all with private outdoor space — 58 basement parking spaces and a 702-square-metre commercial unit on the ground floor. The project is located at 7 Avenue Marcel Cachin, in Stains, with access via the A1 and A86 motorways, the RER D and the T11 Express tram, and complies with the RE 2020 standard. The building permit is no longer subject to appeal and the Financial Completion Guarantee (GFA) has been obtained from Great American International Insurance. To date, the operation is pre-marketed at 46% of turnover (23 of the 58 homes reserved through private contracts, plus the entire commercial unit), equivalent to around €7 million. The signing of the land acquisition is scheduled for 15 September, with construction starting immediately and delivery expected in the second quarter of 2028.

The operation is carried out by CDLink, a company registered in the Paris Commercial Register and founded in 2021 by Céline Teyssedou, who is collaborating on this project with the founder of INOYAM. According to the fact sheet, this is the operator's second operation with this structure, having previously financed another operation through Raizers whose repayment is expected ahead of schedule. Marketing is handled by OZIMO, with an average rate of around three homes reserved per month, and the works budget has been set at €6.94 million excluding VAT (approximately €1,547/sqm).

Financial Structure, Coverage Ratios and Collateral

The land is acquired for €1,670,358 and the total acquisition cost amounts to €11,481,958. Against the €1,900,000 loan, the operation presents a loan/acquisition price ratio (LTA) of 114% and a loan/production cost ratio (LTC) of 17%. The total expected sales of the operation amount to €15,282,221, with an average sale price of €3,426/sqm for buyers eligible for the reduced 5.5% VAT (€3,900/sqm with 20% VAT), in line with the average new-build price in the area (around €3,681/sqm).

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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