Pre-opening | Raizers finances €700,000 for the equity refinancing of a 75-home development in the Bongraine Eco-district, Aytré (France)

22/07/2026 – ⏱ 4 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 a real estate investment opportunity in Aytré (Charente-Maritime, France), in the vicinity of La Rochelle. The operation, named Résidence Mélitée, consists of the construction of 75 collective homes spread across two blocks within the Bongraine Eco-district, and is driven by EDEN Promotion in co-development with Quartus, a subsidiary of the BPCE group. The financing is intended to refinance part of the equity invested by EDEN Promotion in the operation. Investors should keep in mind that any reference to return is inseparable from the corresponding risk, which is described below.

Financial Terms of the Operation

The financing amounts to €700,000, with an annual interest rate of 11.5% and a duration of 24 months. The loan agreement provides for a progressive repayment of the capital, with a monthly amortization of €15,000 from the sixth month after the granting until full repayment, complemented by amortizations linked to the progress of the operation: an early amortization of €247,500 at the «Hors d'Eau / Hors d'Air» stage, through an equity contribution authorized by the main bank, and the amortization of the balance at the partitions and finishes stage, provided that 50% of the available homes have been marketed; failing such authorization, the balance would be repaid at the contractual maturity date. Repayment is secured by three notarial first-demand guarantees (GAPD): from the SCCV MELITEE, the SAS Groupe EDEN and the SAS R2D2.

Asset Description, Planning Progress and Timeline

The project contemplates 75 collective homes spread across blocks B1 and B2. Block B1 comprises 32 open-market homes distributed across three four-storey buildings (12 two-room, 12 three-room and 8 four-room), while block B2 comprises 43 collective homes across four buildings (4 one-bedroom, 12 two-bedroom, 11 three-bedroom and 16 four-bedroom), with a total area of 4,518 m². The building permit has been obtained and, according to the platform, no appeal remains pending. Works will begin in September 2026, with delivery expected in the fourth quarter of 2028, and the budget amounts to €9,007,064 excluding VAT (about €1,994/m² excluding VAT). The platform indicates that all the main works contracts have already been awarded.

The project is part of the Bongraine Eco-district, developed over 35 hectares within the «La Rochelle Territoire Zéro Carbone» initiative. The buildings are designed with a timber structure and incorporate bio-based materials, in particular straw insulation, as well as a connection to a heating network powered 100% by renewable energy; the project anticipates the RE2028 requirements and holds the BDNA Silver certification. The site is located a few minutes from the TGV station and the historic center of La Rochelle, with access to Aytré beach in less than 5 minutes by bicycle.

Marketing and Coverage Ratios

The total expected turnover amounts to €19,146,660, of which €12,590,360 (66%) is secured. As of publication, 54 of the 75 homes have been pre-marketed (72%): the 43 homes in block B2 have been fully reserved by Atlantic Aménagement, a subsidiary of the Action Logement group, as part of a bulk sale as Intermediate Rental Housing (LLI), with a reservation contract signed before a notary on 2 July 2026 and formalization expected no later than 30 October 2026; of the 32 open-market homes, 11 have a reservation contract (34%), pending conversion into sale undertakings. The average price of the homes still to be marketed stands at €4,890/m², against an estimated average new-build market price in Aytré of €4,830/m² and a range of €4,800-4,984/m² in comparable developments in the area.

Regarding the coverage ratios, the land acquisition price amounts to €2,750,000, the total acquisition cost to €13,858,477 and the expected sale price to €19,146,660. It should be noted that the coverage table provided by the platform calculates the LTA (116%), LTC (23%) and LTV (17%) ratios using a loan amount of €3,200,000 as a reference, a figure that does not match the €700,000 indicated as the amount of this financing; these ratios should therefore be interpreted with caution and cross-checked against the contractual documentation of the operation.

Legal Structure and Developer

The operation is carried out by Eden Promotion, a simplified joint-stock company with a share capital of €1,000,000, registered with the La Rochelle Commercial Register under number 501 530 539 since 19/12/2007. The SCCV MELITEE, which executes the operation, is 50% owned by its parent company, SAS Eden Promotion, which subscribes the bond issue. EDEN Promotion, based in La Rochelle, has delivered more than 1,700 homes, and Quartus is a subsidiary of the BPCE group. Among the points to bear in mind, the platform itself notes that the current geopolitical situation could affect both the works and the marketing.

In compliance with the European Crowdfunding Regulation (EU) 2020/1503, it is recalled that non-experienced investors have a four-calendar-day pre-contractual reflection period during which they may revoke their investment offer at no cost and without justification. It is also warned that this is a participatory financing product —not a deposit or a guaranteed savings product— and that real estate investments carry specific risks, such as illiquidity, the risk of not obtaining the expected return, or the partial or total loss of the invested capital. This project is not supervised by the CNMV or the Bank of Spain, and the invested capital is not covered by the deposit guarantee fund or the investor compensation scheme.

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