Watson Farley & Williams (“WFW”) advised Banco Santander (“Santander”) on a €86.5m green loan granted to Culmia for the development of seven affordable housing projects comprising 871 homes in Madrid corresponding to Lots 1 and 5 of the City Council’s Affordable Housing Plan.
Santander granted Culmia €39.5m over four years for the development of two projects consisting of 437 build-to-rent multi-family residential homes in Lot 1 covering the districts of Valdebebas (Hortaleza) and San Fermín (Usera).
A second financing of €47m over three years was granted for the development of five projects consisting of 434 build-to-rent multi-family residential homes for rent in Lot 5 covering the Atocha (Arganzuela), Peñagrande (Fuencarral-El Pardo), San Isidro (Carabanchel), Rejas (San Blas) and Los Ángeles (Villaverde) districts.
Culmia signed an agreement in Q4 2023 with Palatino Residencial III, an investment vehicle promoted by Bankinter Investment and Vía Ágora, to assign to the latter surface rights over the assets comprising Lot 5.
Santander is a leading Spanish multinational financial services group and the 19th largest banking institution in the world with a deep-rooted commitment to promoting sustainable finance embedded in both its strategy and culture.
Culmia is a leading Spanish residential real estate project management platform, with expertise across the entire lifecycle of real estate development projects.
The WFW Madrid Real Estate team that advised Santander was led by Partner Pablo San Gil, supported by Senior Associate Ignacio Cacho.
Pablo commented: “We are delighted that were able to advise and support Santander on this important financing that will have major positive impact on social equality by promoting sustainable housing available to people of all incomes in Madrid”.
