Residential asset in Cap d'Ail (Cote d'Azur)

Luxury Residences

This is a high-end real estate project located in Cap d’Ail, in close proximity to Monte Carlo. The ownership highlights that permits for developments of this type in such an area have become particularly difficult to obtain.
The project has been developed by an Italian family, which is now considering either the sale of the entire project or the disposal of a majority stake to a third-party investor. At present, the ownership has not obtained approval from the financing bank for the second tranche of funding required to continue the works and is facing a situation of limited liquidity needed to complete the project. Progress has also been slowed by issues with the original architect, against whom legal proceedings have been initiated.
To date, approximately EUR 23.5 mio has been invested (of which EUR 18.0 mio in the form of shareholder loan and EUR 5.5 mio in bank financing), compared to a total estimated cost of EUR 35 mio. The resources used so far have covered the acquisition of the land, demolition of existing structures, obtaining permits, design activities, and part of the construction works already initiated (in particular the foundations of the three sub-projects and the garages of the first sub-project).
The project is being developed within a dedicated SARL structure. The estimated timeline for completion (three sub-projects) is approximately 16 months. The construction works are now being carried out by a well-known contractor in the Monte Carlo area.
Project is made of 15 apartments, 11 apartments/lofts and 1 villa for a total of approx 4.650 sqm. Brochure available on request.

Cap d'Ail / France France