"Frame", Marina di Massa, Toscana (IV)
A loan to develop 10 exclusive apartments
- Start of investment period30.07.2020
- Start time13.07.2020 07:40
- Asset classResidential
- Investment typeDevelopment
- Investment end date21.07.2021
- Remaining termOverdue 90+ days
- Expected rate of return11.5% p.a.
- Expected cash yield%
- No of investors282
- Goal€100 000
The Frame, Marina di Massa, Tuscany project aims at the recovery of a disused building through the creation of 10 exclusive apartments, located in the main street just a few steps from the sea of Marina di Massa, one of the most famous and tourist town on the Tuscany coast. The total area on which the project is developed is approximately 1000 m2.
The Sponsor company, "Lastastaplus Srl", purchased the building in January 2019, which initially had an “accommodation” destination of use and had been abandoned for several years. The Sponsor, after the purchase of the property, prepared the documents and applied to transform the building into 10 exclusive residential apartments.
As of today, 1 apartment has already been sold for 270.000 Euro, and others are under negotiation. This single sale will cover around 50% of Crowdestate current loan, and just one additional sale will make the Sponsor able to repay the entire loan.
The building permit was released in May 2019. The property is located in the very center of Marina di Massa, just 200 meters from the sea and from the bathing establishments.
The Sponsor has already started the renovation and plans to complete it and the sales of 10 apartments by mid 2021.
The Sponsor, through Crowdestate, is looking the third fundraising tranche to go on with the renovation work. The total cost of the project is approximately 2 250 000 EUR, and the Sponsor contributes to the equity stake of 700 000 EUR. Remaining funds are financed by the crowdfunding loan for 550 000 EUR (fourth tranche between 70.000 and 100.000 Eur) and pre-sales for 680 000 EUR.
The expected return for investors is 11.5% on an annual basis and the completion date is expected in June 2021.