Pre-opening | Urbanitae Prepares Tranche B of up to €1,120,000 for 28 Homes in Sant Feliu de Guíxols (Girona)

18/09/2026 – ⏱ 3 min

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

Urbanitae is preparing Tranche B of the mortgage loan to Dinarosi Costa Brava, S.L. to finance construction costs for 28 homes at Ronda Nord 37, Sant Feliu de Guíxols (Girona). It should be remembered that any reference to return is inseparable from the corresponding risk, which is set out below.

The total loan runs to up to €4,500,000 across four tranches: A of up to €1,240,000, already formalised; this Tranche B of up to €1,120,000; and C and D of up to €1,070,000 each. Tranche B is agreed at a simple fixed annual rate of 10.0% over 15 months, with a possible six-month extension; this reference is subject to investment risk and is not guaranteed. Interest and principal are paid at maturity and accrue from formalisation. Early repayment is subject to a make-whole of seven months of interest: an interest floor, not a guarantee of return. No opening date or internal rating is stated.

Asset description, construction progress and sales traction

The asset occupies a 1,277 sqm urban plot with 28 two- to four-bedroom homes across two blocks of fourteen, with parking and a communal pool, a works licence in force and horizontal division registered. At the end of August 2026 construction was 38% advanced, with the structure of both blocks completed up to roof level. The builder is Daleks Construction.

Sales have not begun: the guarantees for payments on account, via surety insurance or bank guarantees, are still being structured. They are expected to start in the fourth quarter of 2026, so the operation opens with no formalised pre-sales. Completion of works is set for the fourth quarter of 2027 and delivery and repayment for the first quarter of 2028. The developer has more than 20 years in the Costa Brava and has developed 32 homes on the same street.

Financial structure, coverage ratios and security

The security package comprises a first-ranking mortgage with mortgage liability of 140% of the principal, a promise of mortgage over the 28 parking spaces, a pledge over the borrower's shares and bank accounts, a cash sweep of 70% of net sales proceeds and an equity commitment letter. Drawdowns are released against certificates validated by a Project Monitor. Against a valuation of the asset of €4.11m in its current state, the debt of the first two tranches represents an LTV of around 57%; the 47.0% the fact sheet cites is total debt against the completed-works value, which depends on the development being finished.

The fact sheet contains two inconsistencies: it puts the developer's contribution at €1.86m in one place and around €2.1m in another, and dates Tranche A to both June and July.

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; Urbanitae is neither an investment firm nor a credit institution. It carries risks of illiquidity, of not obtaining the expected return and of total or partial loss of capital; it is not supervised by the CNMV or the Bank of Spain, the manager's information has not been reviewed by them, and it has no cover under Directives 2014/49/EU and 97/9/EC. Investors may not recover the capital contributed.

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