Pre-opening | Urbanitae finances Tranche C of the construction of a luxury villa and sports club in Benahavís (Málaga) through a loan at 9.50% with a first-rank mortgage

19/08/2026 – ⏱ 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 third tranche (Tranche C) of a loan formalised in June 2025 to Cogitari Homes, structured as debt, for the partial financing of the construction of a luxury villa and an associated sports complex in the El Herrojo development, in Benahavís (Málaga). The funds from this tranche are allocated to the continuation and completion of the construction costs and certain general costs of the project. 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 the granting of a fixed-rate loan to the company Cogitari Hills 14, S.L. Tranche C is being raised for an amount of up to €3,405,000, of which up to €2,400,000 will be raised among Urbanitae investors and €1,105,000 will be contributed by co-investors joining the existing debt. This tranche offers a fixed annual simple interest rate of 9.50%, with a term of 12 months extendable by a further 9 months in month 12; interest and principal are paid at maturity — with interest accruing from the formalisation of the contract — and full early repayment is permitted at any time, subject to a minimum return equivalent to 9 months of interest. This return reference is subject to investment risk and is not guaranteed.

Asset Description, Construction Progress and Manager

The project, named "The Hills 14", involves the construction of a detached single-family home distributed over three levels on a 2,374-square-metre plot, with a total built area of 2,250 square metres, featuring an outdoor and indoor pool, a garage, a garden, sea views and a lower floor dedicated to leisure spaces. Next to the home, a sports club is being developed on an adjoining 10,982-square-metre plot, with tennis, padel, mini-football, volleyball courts and a crossfit area. The asset is located in the El Herrojo development, in Benahavís (Málaga), next to the La Quinta Golf & Country Club. The project holds a building licence, works began in December 2024 and certified progress exceeds 67%. Marketing will be handled by a Costa del Sol real estate agency on an exclusive basis, and the investors' exit is planned through the sale of the home, estimated for the fourth quarter of 2027.

The manager, Cogitari Homes, is a real estate group with more than a decade of experience in the development of residential projects on the Costa del Sol, founded by Lars Christensen, according to the information provided. "The Hills 14" is the fifth project it finances through the platform. The developer commits a total capital of approximately €4.0 million and acquired the two plots on which the asset is developed with its own funds.

Financial Structure, Coverage Ratios and Collateral

The total loan amount is a maximum of €8,515,000, committed in three tranches: Tranche A, of €2,400,000, formalised in June 2025; Tranche B, of €2,710,000, formalised in February 2026 (of which €2,600,000 was committed by Urbanitae investors and €110,000 by external co-investors); and this Tranche C, of up to €3,405,000. The loan's collateral includes a first-rank mortgage over the two properties being financed, with a mortgage liability of 150%; a first-rank pledge over the shares of the borrowing company; a first-rank pledge over its bank accounts; and an irrevocable power of sale in favour of investors for 75% of the valuation, exercisable in month 36. The portion of the loan allocated to the works is drawn through monthly certifications subject to the favourable report of the Project Monitor.

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).

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