wecity signs €1.95 million for residential project in Sines
wecity, a real estate crowdfunding platform leading the European market in repayment ratios, announced today the successful funding of the Sines Mar Salgado residential project—located on Alameda da Paz in Sines—totaling €1.95 million.
Structured as a loan secured by a first-ranking mortgage, the deal carries an annual interest rate of 11.50% and an estimated term of 12 months, with a possible six-month extension.
The funds are earmarked for the acquisition of two land plots where a 168-unit multifamily residential project will be developed.
Developed by Soccal e Vaz Invest, Lda., the project entails a total construction area of approximately 19,000 m². The developer has already invested €1.27 million in equity, representing about 39% of the capital required for the project’s acquisition and initial development.
“This financing model allowed us to significantly reduce the time between the investment decision and execution—a critical factor for a project of this scale. wecity provided us with access to capital in a structured and transparent manner, enabling us to proceed with the asset acquisition without relying solely on traditional banking,” notes António Vaz of Soccal e Vaz Invest, Lda.
According to António Mañas, CEO of wecity, “this project reinforces the role of crowdfunding as an agile and effective tool for enabling real estate development, including in emerging locations like Sines.”
The asset currently has a valuation of €5.5 million, with a loan-to-value (LTV) ratio of 35.17%. The estimated value of the completed project stands at €57.7 million, reflecting the potential for value appreciation associated with the development.
Loan repayment is planned through the securing of bank financing at a later stage of the project.
With this transaction, wecity strengthens its operations in Portugal, expanding its focus to emerging markets with growing housing demand driven by industrial and logistics dynamics.
Source: APPII
