Maslow Capital has provided a €30m (£25.9m) bridging loan to convert the La Ermita del Santo Shopping Centre in Madrid into a mixed-use residential project.
The funding will assist with the demolition and urbanisation needed to redevelop the site.
Once completed, the project will offer 400 private residential units and 150 affordable ones, addressing Madrid’s housing shortage.
The new site will also include commercial space and green areas.
The project is being developed by SafSon and its partners, with Banco Sabadell’s investment banking division playing a key role in facilitating the transaction.
The bank introduced Maslow Capital to the project and acted as an adviser to the borrower.
Gesvalt managed the valuations for the financing, and Pérez-Llorca acted as legal counsel for Maslow Capital.
Roger Ramos, head of origination (Spain) at Maslow Capital, said: “We are delighted to be supporting this transformational project, which will bring much-needed housing to Madrid while revitalising an underutilised site.
“This transaction is a first-class example of how banks and alternative lenders can collaborate to deliver innovative funding solutions for clients.”
Ramos added: “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: “At Banco Sabadell, we are committed to supporting our clients.
“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.”
