Maslow Capital has provided a €30m loan to support the redevelopment of the La Ermita del Santo Shopping Centre in Spain into a mixed-use residential project.
Maslow said the bridging loan will fund the demolition and urbanisation of the former retail asset in Madrid, enabling a 67,928sqm mixed-use regeneration.
The project, being developed by SafSon and its partners, will deliver a combination of 400 private and 150 price-controlled residential units, totaling 40,800sqm of private housing, 15,990sqm of affordable housing and 3,075sqm of commercial space.
Banco Sabadell’s investment banking division acted as both an introducer to Maslow Capital and an adviser to the borrower.
Roger Ramos, head of origination in Spain at Maslow Capital, said: ”This transaction is a first-class example of how banks and alternative lenders can collaborate to deliver innovative funding solutions for clients.
“We would like to thank Banco Sabadell for their role in introducing this opportunity and advising the borrower throughout the process. Spain remains a key market for Maslow Capital, and we continue to offer tailored bridging and development finance solutions ranging from €300,000 to €750m, helping to bring ambitious projects like this to life.”
Jenny Suárez, real estate alternative finance at Banco Sabadell Investment Banking, said: ”This project is a prime example of how collaboration between traditional banks and alternative lenders can generate significant value, ensuring that complex real estate transactions receive the tailored financial solutions they require.
“We are delighted to have worked alongside Maslow Capital and the borrower to bring this transformative scheme one step further, reinforcing our shared commitment to delivering high-quality developments in Spain.”
To read the latest IPE Real Assets magazine click here.
