The transformation of CC Ermita into a prominent residential hub in Madrid has taken a significant step forward with the successful securing of funding for urban redevelopment. Maslow Capital, a leading alternative real estate finance provider, has extended a €30 million bridging loan to facilitate the conversion of La Ermita del Santo Shopping Centre into a premium mixed-use residential project.
Converting the site from a commercial asset to residential use requires substantial land-use adjustments and a complete reassessment of asset valuation. To navigate these complexities, Maslow Capital has structured a bespoke funding solution, ensuring the project’s progression. The financing will enable demolition and urbanisation works, laying the groundwork for full-scale residential development.
Once fully developed, this ambitious 67,928 sqm regeneration project, located on Paseo Ermita del Santo, will represent a significant milestone in revitalising the area. The former retail asset will be converted into a vibrant urban neighbourhood, delivering 400 private residential units and 150 price-controlled units—helping to address Madrid’s critical housing shortage. The scheme will comprise 40,800 sqm of private residential space, 15,990 sqm of affordable housing, and 3,075 sqm of commercial space, with extensive green areas and surrounding parks.
The project will be developed by SafSon and its partners, who have successfully delivered multiple residential projects across Spain.
Banco Sabadell’s Investment Banking division played a crucial role in facilitating the transaction, acting as both an introducer to Maslow Capital and an adviser to the borrower. Recognising the challenges posed by the asset’s transition, Banco Sabadell turned to Maslow Capital—an alternative finance provider known for structuring and funding complex residential transactions beyond the constraints of traditional banking regulations. Maslow’s expertise in underwriting and funding large-scale real estate projects ensured the transaction was successfully executed.
Gesvalt managed the complex valuations required for the financing, while Pérez-Llorca acted as legal counsel for Maslow Capital.
Roger Ramos, Head of Origination (Spain) at Maslow Capital: “We are delighted to be supporting this transformational project, which will bring much-needed housing to Madrid while revitalising an underutilised site. This transaction is a first-class example of how banks and alternative lenders can collaborate to deliver innovative funding solutions for clients. We would like to thank Banco Sabadell for their role in introducing this opportunity and advising the borrower throughout the process. Spain remains a key market for Maslow Capital, and we continue to offer tailored bridging and development finance solutions ranging from €300k to €750m, helping to bring ambitious projects like this to life.”
Jenny Suárez, Real Estate Alternative Finance at Banco Sabadell Investment Banking: “At Banco Sabadell, we are committed to supporting our clients. This project is a prime example of how collaboration between traditional banks and alternative lenders can generate significant value, ensuring that complex real estate transactions receive the tailored financial solutions they require. We are delighted to have worked alongside Maslow Capital and the borrower to bring this transformative scheme one step further, reinforcing our shared commitment to delivering high-quality developments in Spain.”
