The real estate financing platform Izilend has closed a €54 million financing deal with Beachbox to refinance the developer’s existing debt and finance the development of its branded residences in Cala Xarraca, Ibiza, linked to the Six Senses Ibiza resort. The transaction, advised by PwC Spain, also marks a milestone for Izilend, which reaches €1 billion financed in Spain and Portugal since 2018.
It is one of the largest recent real estate private debt transactions in Spain and a further example of how alternative financing is displacing traditional lenders in luxury residential projects.
The transaction: refinancing and development capital
According to Capital-Riesgo, the €54 million financing is allocated to refinancing the prior financing that Beachbox held with Frux Capital, Santander Alternative Investments, and Arcano, as well as financing the development of the branded residences in Cala Xarraca, in northern Ibiza.
From PwC Tax & Legal, the team advised Izilend on the structuring and legal advisory of the transaction, including the due diligence legal due diligence, as well as the drafting, negotiation, and formalization of the financing agreement and the associated guarantees. The complexity of the transaction and the uniqueness of the assets required, according to the firm, the design of an agile financial structure tailored to the developer’s business plan.
| Item | Detail |
|---|---|
| Lender | Izilend |
| Borrower | Beachbox |
| Amount | €54M |
| Project | Branded residences in Cala Xarraca (Six Senses Ibiza) |
| Purpose | Refinancing of previous debt + development financing |
| Refinanced lenders | Frux Capital, Santander Alternative Investments and Arcano |
| Legal advisor | PwC Spain (Tax & Legal, Banking & Finance) |
| Lender milestone | €1,000M financed in Spain and Portugal since 2018 |
Izilend surpasses €1 billion in Iberia
With this deal, Izilend reaches €1 billion financed in Spain and Portugal since 2018, with recurring advice from the Banking & Finance & team at PwC Tax & & Legal. The figure consolidates the platform as one of the leading alternative real estate lenders in the Iberian market.
Ibizan luxury, private debt territory
The deal confirms alternative financing’s appetite for prime residential on the islands. It is a pattern already seen on the southern coast: in Puerto Banús, a €150 million residential project was structured with alternative financing from PrestaPro and the Wecity platform, and new institutional players such as NK5 have launched platforms with €50 million mandates for ticket sizes ranging from €8 to €25 million between traditional banking and opportunistic capital.
The branded residences —luxury homes tied to a hotel brand, in this case Six Senses— have become one of the products most in demand by investors for their ability to combine premium pre-sales and hotel management, which improves the visibility of the cash flows backing the debt.
Takeaway for the investor
For the crowdfunding investor, the news has two takeaways. First: large prime transactions are increasingly being financed through alternative channels, which validates the asset but also professionalizes it and concentrates it in platforms with the capacity to underwrite large tickets. Second: the refinancing of alternative lenders by other alternative lenders shows a real estate debt market that is already mature and with capital rotation.
What to watch
It is worth tracking the construction progress and sales of the Cala Xarraca residences, potential new Izilend transactions that confirm its origination pace after surpassing 1 billion, and whether any of these large prime debt operations end up opening up to retail investors through regulated platforms.