Pre-opening | Urbanitae Opens the €2,920,000 Tranche A for 68 Homes in Caleta de Fuste (Fuerteventura)

30/09/2026 – ⏱ 3 min

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

Urbanitae is preparing the first tranche of a mortgage loan to Nordal Antigua, S.L. to fund part of the outstanding construction costs of Phase 2 of a development in Caleta de Fuste, in Antigua (Fuerteventura). Any reference to return is inseparable from the risk, which is set out below.

Tranche A amounts to €2,920,000 at a fixed 11.75% per annum over 24 months, extendable by six. The committed loan runs to €12,215,000 across four tranches, with decreasing rates and terms down to 11.00% and 12 months in the last, which includes some €710,000 of contingencies equal to 5% of the construction budget. The platform specifies that its investors will contribute a maximum of €5,000,000 per year, so the full loan exceeds what it can raise in one year. Interest and principal are paid at maturity, drawdowns are released against certificates validated by a project monitor, and early repayment is subject to a minimum of 15 months' interest, 14.69%: a contractual floor on remuneration, not a guaranteed return. No opening date, minimum investment or internal rating is stated.

Asset description, construction progress and sales traction

Phase 2 comprises 68 one- to three-bedroom homes across several blocks, within a 121-home development in the El Castillo estate, on a 21,185 sqm plot with a pool, communal areas and parking, 8 km from the airport. The permit is granted and the developer puts works at around 40%, with 13 to 14 months to go; the timetable envisages completion in the last quarter of 2027 and delivery and repayment in the first of 2028.

Marketing of this phase has not started: it is planned for October 2026, with Gilmar as the reference agency. No home of the 68 is sold, and the platform estimates that selling around 39 would give the developer the liquidity to repay principal and interest. The precedent is Phase 1: 53 homes completed and being handed over, built in 14 months and sold at an average price of around €304,000 — although the fact sheet puts that marketing at approximately 90% in one section and 100% in another. Target prices are around €2,559 per sqm built, which the platform says is aligned with Tecnitasa's valuation and local comparables.

Financial structure, coverage ratios and security

The security is a first-ranking mortgage over the Phase 2 homes with mortgage liability of 140% of principal, pledges over the project accounts and over the vehicle's shares, a 100% cash sweep of net sale proceeds and subordination of any additional financing, with an undertaking not to distribute funds to shareholders during the life of the loan. Despite mentioning a Tecnitasa valuation, the file publishes neither its amount nor any LTV, LTC or other coverage ratio — striking in an operation committed at €12,215,000.

The manager's capital deserves attention: the fact sheet puts it at around €5.9 million. Only some €2.0 million is equity in cash, for the land and initial costs. The remaining €3.9 million is three works certificates executed and unpaid by the contractor, which belongs to the same group and holds a stake in the borrower, and which has agreed to defer payment until the homes are sold, subordinated to repayment of the loan. It is a contribution in the form of executed works — intra-group supplier credit, not cash — although the platform does clarify that it ranks behind its investors.

Nordal Antigua is 50-50 owned by Alza Real Estate and Nordestada. Alza reports nearly 40 years of activity, more than 8,000 homes delivered and some 2,500 under construction, carries out the works directly and was the contractor for Phase 1. The development was acquired in 2024 as work in progress.

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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