Villa Benedetta, Barga, Lucca, Italy
Development of 5 residential units in Tuscany
- Start of investment period10.09.2020
- Start time03.09.2020 07:00
- Asset classResidential
- Investment typeDevelopment
- Investment end date17.09.2021
- Remaining termOverdue 1-90 days
- Expected rate of return11.5% p.a.
- Expected cash yield%
- No of investors507
- Goal€180 000
Villa Benedetta, Barga, Lucca, Italy project involves the renovation of a residential building and its transformation into 5 apartments, located in Tuscany, in the municipality of Barga, a medieval town considered one of the most beautiful villages in Italy.
The total space on which the project is developed is approximately 520 sqm.
The Sponsor company, LastAstaPlus Srl, purchased the building in June 2020 through a public auction and has already paid for the purchase of the whole property.
The purchase value of the entire property, combined with the recent incentives introduced by the government on building renovations, means that the sale price of the completely renovated apartments is extremely competitive (around 1.440 EUR / sqm).
Sponsor seeks through Crowdestate a portion of the capital necessary to finance the renovation works. The total cost of the project is approximately EUR 540 000 and Sponsor contributes with a significant equity stack for EUR 360 000. Remaining funds are financed by the crowdfunding loan for up to EUR 180 000.
The expected return for investors is 11% on an annual basis and the repayment date of the loan is expected within 12 months, therefore by September 2021. The Sponsor has the possibility to repay the loan earlier, in case of sales progressed faster than planned.
The loan is secured by a pledge on 50% of Sponsor company’ shares, as well as a personal guarantee from the owner of the company for EUR 180 000.