Pre-opening | Urbanitae Prepares €1,315,000 for 236 Garages and 52 Storerooms in Imaginalia (Albacete)

03/10/2026 – ⏱ 3 min

This article is for informational purposes only and does not constitute investment advice or a recommendation of any kind.

Urbanitae is preparing a €1,315,000 senior loan to Elite Capital Prime, S.L. to fit out 236 parking spaces and 52 storerooms on the ground floors of two buildings on Calle Óscar Wilde, in the Imaginalia district of Albacete. It should be remembered that any reference to return is inseparable from the corresponding risk, which is set out below.

The amount is committed in a single tranche at 10.0% simple annual interest, over 18 months with two possible six-month extensions. Repayment is partial from month 12, and full early repayment is subject to a minimum of eight months' interest: a contractual floor on remuneration, dependent on the borrower paying, not a guarantee of return. No opening date, minimum investment or internal rating is stated.

Asset description, construction progress and sales traction

The two units total 5,996 sqm of built area and will each be divided into 118 spaces and 26 storerooms, in an expansion area northwest of the city, one kilometre from the centre.

The developer bought the asset in July 2026 with its own funds, paying out €1,162,200. The works are light: the structure was already built and only fitting out remains, with an estimated two to four months. But the building permit has not been granted: completion is expected in the first quarter of 2027 "following the obtaining of the permit before the end of the year", so the schedule depends on an authorisation that does not yet exist.

On sales, nothing has been sold or reserved: marketing will start with the works, in December 2026, and repayment depends entirely on placing the spaces and storerooms. The platform states that an external agent has validated supply and demand for this asset type, along with a technical due diligence on timing and costs, although it does not publish those reports.

Financial structure, coverage ratios and security

The loan includes a recapitalisation of equity: after it, the developer's capital in the project falls from the €1,162,200 paid out to €612,200. Those €550,000 return to the developer with the investors' money — 41.8% of the loan — leaving some €765,000 for the works. The fact sheet discloses this but does not quantify the split.

The fact sheet reports a gross LTC of 62% and an LTV of 57%. The LTV adds up: at €379 per sqm, the 5,996 sqm are worth some €2,272,000 and the loan represents 57.9%. The LTC does not: 62% would imply a total cost of around €2,121,000, whereas the developer's €612,200 of capital plus the loan total €1,927,200, which would put the ratio at 68.2% and leaves a gap of some €194,000 that the file assigns to contingencies borne by the developer, without quantifying it. Neither the valuation amount nor the valuer is published.

The security is broad: a first-ranking mortgage with liability of 140% of principal, a 100% sweep of net sales cash, a corporate guarantee from the borrower and an irrevocable Equity Commitment Letter for cost overruns. Added to this is a pledge over the receivables of another of the developer's projects in Albacete, whose net cash flow the fact sheet "estimates" at some €1.2 million: security that depends on a separate project not evidenced here.

Elite Capital Prime, based in Albacete, reports more than 25 completed operations and over 30 years of aggregate experience in banking and real estate. The platform presents the purchase at around €185 per sqm against a valuation of €379 per sqm as a low acquisition cost; it is worth recalling that this valuation is of the asset in its current state, not a sale price.

Non-sophisticated investors have a four-calendar-day pre-contractual reflection period to revoke their offer without penalty. This is a crowdfunding product, not a deposit or a guaranteed savings product. It carries risks of illiquidity and of total or partial loss of principal. It is not supervised by the CNMV or the Bank of Spain, and has no cover under Directives 2014/49/EU and 97/9/EC. Investors may not recover the capital contributed.

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