Xenia Capital has granted a loan of 19 million euros to the promoter Promored to finance the construction of its Futura Center Arena project, in Rivas Vaciamadrid.
Futura Center Arena is 80% commercialized and is presented as a 360º project in the city of Rivas. This development completes a block, next to the Rivas Futura metro station, made up of two buildings connected to each other by means of an open commercial promenade.
The Futura Center Arena complex will have tourist apartments, commercial premises and professional offices, as well as lobby areas, meeting room, gym, swimming pool, spa and laundry. In addition, the complex is also complemented by a socio-sanitary building that will become the first private hospital in the municipality.
Established in 2015, Promored (real estate developer of Grupo Inmobiliario Financiero Redpiso) has delivered more than 3,500 homes through direct promotion, in a cooperative and community property regime.
"In a context in which developers continue to find great difficulties in financing projects with traditional banks, Xenia Capital is presented as the vehicle capable of delivering these real estate developments. We do this by managing closing times much faster than banks, as has been the case with the Futura Center Arena project, ”says Rory Buchanan, CEO of the company.
Xenia Capital has a portfolio of more than 70 million euros financed for the development of nearly 1,700 homes distributed throughout the Spanish territory. In this financing, it has been backed by the private debt team of the Swiss bank Union Bancaire Privée through UBP Private Debt Fund III and its main investor the British family office Pacific Investments which, after the sale last week of Zorin Finance to Avenue Capital, focuses on the Spanish residential market.