Pre-opening | Urbanitae opens a €1,955,000 Tranche B for the construction of the "Alcalá 4 Golf" home in Nueva Andalucía, Marbella (Málaga)

07/09/2026 – ⏱ 6 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 the call for the second tranche of a mortgage loan formalised in September 2025 in favour of COGITARI ALCALÁ 4, S.L., part of the COGITARI HOMES group. The funds from this Tranche B will partly finance the construction costs and general costs of a detached single-family home under construction, named "Alcalá 4 Golf", located in the Nueva Andalucía estate in the municipality of Marbella (Málaga). Investors should keep in mind that any reference to return is inseparable from the corresponding risk, which is described below.

Tranche B is being called for an amount of €1,955,000, which joins the existing debt. Of that amount, €1,798,535 is allocated to construction and general costs for the development of the works over the next six months, and €156,465 to the structuring costs of the transaction. The tranche sets a simple fixed annual interest rate of 10.0%; this estimate is subject to investment risk and is not guaranteed. The term is set at 12 months, with a possible extension of a further six months, and both interest and principal are paid at maturity, with interest accruing from the moment the loan agreement is formalised. Full early repayment is permitted at any time, subject to a minimum interest return equivalent to 12 months. The published offering does not specify the opening date and time of the call, the minimum investment per user or an internal credit rating, points the investor should verify on the platform and in the Key Investment Information Sheet before committing funds.

Asset Description, Technical Progress and Commercial Traction

The underlying asset is a detached single-family home laid out over four levels on a plot of 1,458 square meters, with a total built area of 1,468 square meters. The programme comprises five bedrooms, six bathrooms, an outdoor pool, underground parking and a garden, with views over the golf course and the mountains. The basement level incorporates leisure spaces including a wine cellar, games room, gym and spa. The plot was acquired by the project manager with its own funds and holds a building permit granted in November 2024 for the construction of a single-family home with a pool.

Works began in April 2025 and construction progress stands at around 42%, following completion of part of the earthworks, the foundations and the below-ground development. The platform's timetable places completion of the works, the sale of the home and repayment of the loan between the third and fourth quarters of 2027. Marketing of the asset will be entrusted to a real estate agency on an exclusive basis and will not begin until construction progress reaches between 50% and 60%, standard practice for this type of asset. Urbanitae states that it has carried out a market study of the sale prices put forward by the manager and commissioned commercial due diligence from an external agent, which issued a favourable report corroborating those prices; the offering documentation includes a list of comparable sales in the area.

The property is located in the Nueva Andalucía estate, a residential area of the municipality of Marbella surrounded by landscaped grounds and natural vegetation, with views over the Real Club de Golf Las Brisas and within five minutes of three further golf courses, and with road connections to Málaga, Marbella and Puerto Banús. The project manager is COGITARI HOMES, a real estate group with more than 10 years of activity in the design and development of residential projects on the Costa del Sol, founded by Lars Christensen, who has more than 30 years of experience in the sector in Denmark and on the Costa del Sol itself. The firm has more than 15 developed projects in Marbella, Benahavís and Málaga. "Alcalá 4 Golf" is the fifth project it has financed through Urbanitae, after Villa Alcalá, Gate 3, Pinares de San Antón and Hills 14.

Financial Structure, Coverage Ratios and Real Collateral

The transaction is structured through debt: Urbanitae investors grant a fixed-rate loan to the borrowing company. The total gross loan amounts to a maximum of €5,100,000, of which platform investors will contribute up to €5,000,000, split across three tranches. Tranche A, for up to €2,185,000, was formalised in September 2025 and was used to finance part of the construction and general costs. Tranche B, now being called, amounts to up to €1,955,000. Tranche C, for up to €960,000, will be raised through €860,000 from Urbanitae investors and €100,000 contributed by co-investors joining the existing debt. For its part, the developer commits total capital of approximately €2.8 million, and any deviation from the costs projected in the business plan must be covered with its own funds.

The security package comprises a first-rank mortgage over the property being financed, with a mortgage liability of 150%; a private first-rank pledge agreement over the shares of the borrowing company; a private first-rank pledge agreement over the project's bank accounts; a sale mandate in favour of Urbanitae investors, triggerable in month 24 if the extension is not taken, in month 36 if it is, or upon any event of default under the loan; and an Equity Commitment Letter from the developer securing additional equity contributions.

The portion of the loan earmarked for works will be drawn down through monthly works certificates, subject to a favourable report from a Project Monitor, a role that reviews the certificates, construction progress and any deviations in schedule and cost, and approves the monthly disbursements. The investors' exit strategy is the sale of the completed home. The risks identified in the documentation include commercial risk arising from a possible delay in the sale of the asset, the risk of deviation in delivery timescales — for which the developer has a Project Manager responsible for schedule control — the risk of deviation in construction costs, and the possibility that the agreed terms change substantially between the start of the funding campaign and the formalisation of the contract, in which case the project would be cancelled and the investment returned.

Urbanitae warns that, should the full investment volume not be covered, the fundraising period may be extended by up to 25% on the same terms, and that the project may be financed once at least 90% of the target has been reached, after deducting any participation the platform itself may hold. The opportunity is open to any registered investor, including partners holding at least 20% of the share capital or voting rights, directors and employees of the platform and persons connected to them by control, on the same terms and conditions as other investors and with no preferential treatment or privileged access to information.

In compliance with the European crowdfunding framework, it is recalled that non-experienced investors have a four-calendar-day pre-contractual reflection period during which they may revoke 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 of total or partial loss of principal; the projects published are not authorised or supervised by the CNMV or the Bank of Spain, the information provided by the manager has not been reviewed by those bodies, and the investment lacks the coverage of the deposit guarantee scheme provided for in Directive 2014/49/EU and of the investor compensation scheme provided for in Directive 97/9/EC. Investors may not obtain the expected return or recover the capital contributed.

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