Pre-opening | Urbanitae finances Tranche B of the construction of a 19-home luxury development at Finca Cortesín, Casares (Málaga) through a loan at 10.75% with a first-rank mortgage

29/08/2026 – ⏱ 3 min

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

The crowdfunding platform Urbanitae is preparing to launch the second tranche (Tranche B) of a loan, structured as debt, intended to partially finance the outstanding construction costs of a luxury development of 5 blocks with a total of 19 homes within the grounds of Finca Cortesín, in Casares (Málaga). Tranche A was granted by Urbanitae investors in October 2025 and construction is currently underway. It is worth recalling that any reference to returns is inseparable from the corresponding risk, which is detailed further below.

The operation is structured through a fixed-rate loan to the company Arua Proyectos Inmobiliarios, S.L. Tranche B is called for a total amount of €2,915,000, of which €2,525,000 will be raised among Urbanitae investors and €390,000 will be contributed by external co-investors joining the existing debt. This tranche offers a fixed simple annual interest rate of 10.75%, with a term of 19 months extendable by a further 6 months; interest and principal are paid at maturity —interest accruing from the formalisation of the addendum to the contract— and full early repayment is permitted at any time, subject to a minimum return equivalent to 15 months of interest. This return reference is subject to investment risk and is not guaranteed.

Asset Description, Construction Progress and Sponsor

The project, named La Algaba, consists of the construction of a development comprising 5 blocks with a total of 19 homes on a 10,722-square-metre plot in the vicinity of the 5-star Hotel Finca Cortesín, in Casares (Málaga). All the homes will have sea views and private terraces —most with a private pool—, in addition to a communal pool and access to the hotel's facilities. The project holds a building licence granted in October 2025, with earthworks started in September 2025 and a completion rate above 7%; the developer expects to finish construction within 24 months from its start, with delivery and loan repayment scheduled for the first quarter of 2028 (or up to the fourth quarter of 2028 in the event of an extension). Commercially, 8 of the 19 homes are already being marketed (42%), through the Finca Cortesín sales office; the investors' exit will take place through the sale of the homes.

The sponsor, Grupo Arua, is a company whose management team has more than 23 years of experience in real estate investment, focused on the premium segment of the Costa del Sol, according to the information provided. La Algaba represents the continuation of the Las Albercas project, of similar characteristics, delivered by the sponsor, which also owns 11 single-family plots at Finca Cortesín, of which it has already developed and sold four. The plot was acquired with own funds.

Financial Structure, Coverage Ratios and Collateral

The total loan amount is up to €20,500,000, committed across five tranches: Tranche A, of up to €2,475,000, already granted in October 2025; Tranche B, of up to €2,915,000; Tranche C, of up to €2,165,000; Tranche D, of up to €5,015,000; and Tranche E, of up to €7,930,000. The loan collateral includes a first-rank mortgage over the financed property, with a mortgage liability of 140%; a first-rank pledge over the borrowing company's bank accounts allocated to the project; and a cash sweep for 100% of the sale amount —whether full or partial— of the underlying collateral. The portion of the loan allocated to the works is drawn down through monthly certifications subject to the favourable report of the Project Monitor. According to the documentation, with the sale of 11 of the 19 units the developer would have sufficient liquidity to fully repay the loan.

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).

Realty Investor

Our calendar brings together crowdfunding opportunities from across Europe in one place, so you can plan and follow each issue.

Realty Investor

Your real estate crowdfunding, in one app.

Discover new opportunities. Invest through leading platforms. Manage your whole property portfolio from a single place.

The Realty Investor beta is now available. Explore the market, discover new projects and get to know the platform with simulated money, without putting in any capital.

Download the beta and start discovering a new way to manage your real estate investments.