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Project update

Fuenlabrada

February 08, 2023

Update from the originator:

As the originator has been anticipating various communications to investors, the project took many more months to obtain the building permit than the promoter had estimated. As a consequence, the project accumulates a significant delay, which makes it impossible for it to be able to face the cancellation of the project within the expected period.

The expected finalization date is February 3. From that moment the accrual of default interest begins.

The good news is that the promoter is articulating a solution through new investors, who would settle the debt by subrogating the guarantees that encumber the loan. The originator believes that this solution will be fully structured shortly and the loan will be canceled throughout the month of February.

More information will follow.


January 04, 2023

Update from the originator:

This project's due date is Feb. 3rd, 2023. The originator knows works are delayed and the originator is helping the promoter to find another lender in order to complete this loan in due time. Hence, the originator still expects that the loan will be finalized in January or February.


September 17, 2021

Update from the developer:

Administrative procedures in August have been practically paralyzed because of the slowdown by the City Council, COAM.
The layout of the overhead power lines has been modified across the site, installing new support poles in an area that does not interfere with the future execution of the structure.
Projects have been processed to companies corresponding to the obtaining of permissions and the execution of temporary facilities.
Budgets have been requested and the comparatives for earthworks, general power, foundation and execution of structure.
Hopefully, with the start of administrative activity, the developer could start following works throughout the month of September.

A new document has been added.


July 08, 2021

Update from the originator:

The demolition work on the building has already started.
The foundation and structure will begin in September and is estimated to complete the entire 12-month work.
The developer has been working and planning the execution of this project for more than two years, partly because of the pandemic and they are delighted that they were able to,
finally, start the work.

 

Find the new progress document in the documents section.


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