Sassari 15, Cesenatico, Italy (IV)
Development of 5 residential units in Cesenatico, few steps from the sea.
- Start of investment period15.10.2020
- Start time08.10.2020 08:15
- Asset classResidential
- Investment typeDevelopment
- Investment end date31.05.2021
- Remaining term7 months
- Expected rate of return11.5% p.a.
- Expected cash yield%
- No of investors338
- Goal€140 000
This fourth and last fundraising tranche aims to finance the completion of the renovation works. As a confirmation of the growing interest in the project, the sale of a new apartment has been confirmed in recent weeks, bringing the units sold to two for a total of 465,000 Eur. The renovation works are proceeding according to the business plan and the construction site will be completed by the end of the year.
Sassari 15, Cesenatico project involves the renovation of a residential villa through the creation of 5 exclusive apartments, located a few steps from the sea of Cesenatico in the heart of the Italian Romagna coast.
The project sponsor company, Home00 Srl, purchased the building in January 2020 and immediately began the renovation works. The total size of the development is approximately 430 sqm. The property is located in a residential area of Cesenatico, 500 meters only from the sea and the bathing establishments.
To date, the Sponsor has already started the renovation of the building and plans to complete the apartments by December 2020, so that he can take advantage of the summer season to make sales of the properties.
Two apartments have already been booked and will be purchased for 4650,000 Eur, once the renovation work is completed.
The Sponsor seeks through Crowdestate the fourth tranche of capital necessary to finance the renovation works. The total cost of the project is approximately 1,060,000 Eur and the Sponsor contributes an equity share of 400,000 Eur. The rest of the funds are financed by the crowdfunding loan for another 423,000 Eur (divided into several tranches of fundraising) and by a bank loan already disbursed for 250,000 Eur.
Current tranche expected return for investors is 11.5% on an annual basis and the loan repayment date is expected within 8 months, then by June 2021. The Sponsor has the possibility to repay the loan in advance, in the event that the sales of the apartments proceed faster than planned.
The loan is guaranteed by a pledge on 50% of the shares of the Sponsor company, as well as a personal guarantee from the owner of the company for 423,000 Eur.