Campaign Closing Report | wecity completes a €1,000,000 raise in five days to buy a hotel in Calenzano (Florence) for conversion into 22 apartments

16/09/2026 – ⏱ 5 min

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

The crowdfunding platform wecity has issued the closing report for the round corresponding to the Calenzano transaction, in the Italian province of Florence. The transaction is structured as a fixed-rate mortgage loan secured by a first-rank charge over the asset, intended to fund the purchase of a hotel at Via di Prato 62 for refurbishment and conversion into a residential building of 22 apartments and 44 uncovered parking spaces, for the developer Sesto Costruzioni srl. The subscription process concluded once the entire loan had been allocated, with a final volume raised of €1,000,000. Investors should keep in mind that any reference to return is inseparable from the corresponding risk, which is described below.

The call started from a fundraising target of €1,000,000 and covered 100% of the allocation in 5 days from opening. The flow of contributions across that period works out at an average of €139 per minute.

Metric Analysis of the Investor Base and Capital Distribution

The platform has not published the number of investors who took part in the round or the transaction's average ticket, so the distribution of capital across contributors is not part of the information released. wecity opened the opportunity from a minimum investment of €500 per user and the asset carries an A rating on the platform's own scale.

The transaction grants lenders a fixed nominal annual interest rate of 11%, which the platform translates into an estimated total return of 16.50% on the capital contributed; this estimate is subject to investment risk and is not guaranteed. The ordinary term is 18 months plus 6 months of possible extension, with a 6-month lock-up period, and interest is settled at maturity. In accordance with the European regulatory framework, non-experienced investors have a four-calendar-day pre-contractual reflection period during which they may revoke their commitment without justification or penalty.

Description of the Underlying Asset, Planning Status and Commercial Position

The asset is a hotel with 2,500 square meters of built area that the developer is acquiring to convert into 22 apartments, with 44 uncovered parking spaces. Two circumstances define the transaction's starting point and warrant stating plainly. The first is planning: the permit will be applied for once the asset has been acquired, so at the close of the campaign the project does not yet hold municipal authorisation. The second is commercial: sales of the units have not begun.

The development is structured as self-promotion. Once the permit is obtained, buyers will acquire the units in shell condition and sign a works contract with the developer, the mechanism through which construction is funded. That scheme explains the funding structure: the developer puts in €650,000 of equity for the purchase of the asset — 15.7% of the total funds required to develop the project — wecity investors €1,000,000, and future buyers €2,500,000, which make up the largest share of the financing and therefore depend on the permit being granted and marketing getting under way. Investors will exit through the sale of the homes.

The developer is Sesto Costruzioni, a construction and development company with more than 65 years of activity in Florence and its surroundings. It began as a builder of mainly residential work and later extended into civil works; its projects include interventions at the Artemio Franchi stadium in Florence and several historic estates in Tuscany. In recent years it has carried out its own developments in Florence's urban belt, specifically in the north-western area of Sesto Fiorentino and Calenzano, and it maintains its focus on the west and north of Florence, where according to the documentation demand is growing because of rising prices in the Tuscan capital.

Capital Structure, Risk Indicators and Real Collateral

According to the valuation report issued by RYZE, the asset's current appraised value stands at €1,530,000 and its valuation on the Completed Building Assumption (HET) at €5,779,000. Against those figures, the €1,000,000 loan determines a loan-to-value ratio of 65.36% against the current appraisal and 17.30% against the completed-building valuation. The two warrant distinguishing: the first measures the loan against the property's value as it stands today, while the second assumes a building that does not yet hold a permit and on which works have not started.

The main collateral is the first-rank mortgage over the property at Via di Prato 62. The constitution, preservation, management, administration and, where applicable, enforcement of the security interests on behalf of investors fall to a Security Agent external to wecity, designated in the loan agreement. The use of funds is supervised by a monitoring firm external to the platform, so the developer must document each drawdown requested.

The documentation also lists the specific risks of the transaction: credit risk from the developer failing to meet payments, sector risk from macroeconomic changes or falling demand, default risk including the possibility of insolvency proceedings — in which case mortgage-secured claims would rank as specially privileged claims under Royal Legislative Decree 1/2020 — the risk of lower or delayed returns, illiquidity risk given the absence of an active trading market for the loan, and other risks outside the developer's control, such as political or regulatory ones. The credit rating comes from an external scoring system; the platform itself warns that its nomenclature is not comparable to that of agencies such as Standard and Poor's, Moody's or Fitch, and that the rating is not a measure of the quality or suitability of the investment and does not replace each investor's own due diligence.

Finally, in compliance with the regulations governing crowdfunding service providers, investors are reminded that this is a crowdfunding product and not a deposit or a guaranteed savings product; the platform itself recommends not allocating more than 10% of net worth to crowdfunding projects. Real estate investments carry risks of illiquidity and of total or partial loss of principal; this vehicle is not supervised by the CNMV or the Bank of Spain, the information provided by the developer has not been reviewed by those institutions, and it 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 recover the capital contributed.

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