Kronenburg II

First-ranking mortgage right and fixed interest rate of 7.75% per annum

With this proposition, you invest in two floors of a hotel building that is let on a long-term basis, located in the Kronenburg district in Amstelveen. The intended term of this proposition is 36 months and the fixed interest rate is 7.75% per annum. As an investor, you receive as collateral a first-ranking mortgage right and a pledge of the rental income. The loan-to-value of the underlying asset is 72.5%.

The hotel building is located to the north of Amstelveen, 8 kilometres from Amsterdam's city centre. The property is let to a reputable hotel operator for a period of 17 years. The building has a total of 151 hotel apartments and studios. The asset in this proposition concerns the sixth and eighth floors.

The loan is provided to the project owner to repay the current bank loan and to partially release the surplus value. The collateral has been owned by an affiliated company of the initiator for a considerable time and is successfully operational. Over the past decades, the initiator has carefully built up a diversified real estate portfolio in and around Amsterdam.

The key characteristics of this proposition are as follows:

Fixed interest rate of 7.75% per annum;
Intended term of 36 months;
First-ranking mortgage right;
Pledge of the rental income;
Loan-to-value of 72.5%;
Long-term let (100% occupancy rate);
Reputable hotel operator;
Stable rental income;
Good state of maintenance;
Experienced project owner;
Monthly payout;
Interest-bearing immediately from deposit;
One-off brokerage/arrangement fee of 0.45%.

Projected return

The graph below shows the cumulative return over the course of the term, based on the fixed interest rate of 7.75% per annum. In the example below, with an investment of €5,000, a total of €1,162.50 in interest is paid out over the entire term of the proposition. The first and accrued interest is paid in the month following the closing of the proposition. Thereafter, you receive the fixed interest amount monthly in arrears. At the end of the intended term, you will be repaid through a refinancing or sale of the properties. The presented return forecast is based on expected market conditions and project planning. There is no guarantee that these results will actually be achieved.

Cumulative return during the funding period

Investment	€5,000
Fixed interest	7,75%
Estimated duration	36 months
Total return	€1,162.50

Crowdrealestate valuation

Crowdrealestate has assigned this investment a risk rating of A (Defensive). Given, among other things, the first-ranking mortgage right and the long-term lease agreement with a reputable hotel operator, this is a stable and solid investment. Although this investment is considered defensive, investing via crowdfunding always carries risks, including the risk that you may lose your entire investment. Please consult the Key Investment Information Sheet (KIIS) for a detailed description of the risks.

A

23 22 21

B

20 19 18

C

17 16 15

D

14 13 12

E

11 10 9

Mortgage right	Crowdrealestate's investors receive the first-ranking mortgage right.	5 points
Loan-to-value	The loan-to-value based on the appraised market value in the current condition is 72.5%.	1 points
Location-sector match	The central location of the hotel building fits well with the tenant's needs and the stable demand underlying the proposition.	3 points
Occupancy	A full occupancy rate with a 17-year lease agreement.	3 points
Project phase	The project concerns an existing building, which entails fewer risks compared to projects in the development phase.	3 points
Track record	The initiator has held an extensive real estate portfolio for a considerable time, including the property in question.	3 points
Term	The intended term is 36 months.	3 points
Additional security	Pledge of the rental income.	1 points
Total		22 points

Funding structure

The loan is provided to the project owner to repay the current bank loan and to partially release the surplus value. The threshold amount of this proposition is €500,000 and the target amount has been set at €5,000,000. The first phase of €2,200,000 has already been successfully placed and is operational. This second phase will raise the remaining amount of up to €2,800,000. As an investor, you receive as collateral a first-ranking mortgage right and a pledge of the rental income.

The floors of the hotel property were appraised in November 2023 at a total market value in the current condition of approximately €6,896,000. The surplus value, based on the maximum principal amount of the loan via Crowdrealestate and the aforementioned market value, is €1,896,000. The loan-to-value therefore amounts to 72.5%. The underlying value of the mortgage registration thus provides sufficient coverage.

The securities on behalf of the investors are registered in the name of Crowdrealestate's independent foundation. The foundation initially obtains a second-ranking mortgage right on the property in Amstelveen, which will become a first-ranking mortgage right following the planned repayment and discharge of the prior lien. Please note: a repayment deadline of 31 October 2026 applies to this (equal to the subscription period of the proposition as stated in the addendum), subject to a separately documented extension for the purpose of the refinancing.

In addition to the mortgage right, additional securities apply, such as a rental income pledge, and a DSCR and LTV covenant. The full overview of all applicable covenants and securities is set out in the parallel debt agreement.

Investors Crowdrealestate	€5,000,000	First-ranking mortgage right
Surplus value	€1,896,000
Total scale	€6,896,000

Project description

The asset concerns the sixth and eighth floors of a hotel building in Amstelveen, in a strategic location close to both Amsterdam's city centre and Schiphol Airport. This location makes the hotel attractive to both tourists and business travellers. The location is easily accessible via the A9 and A10 motorways, as well as by public transport.

The underlying asset of this project consists of the sixth and eighth floors, comprising spacious hotel apartments with a total usable floor area of 1,665 m². The apartments are fitted with their own kitchen, in keeping with the operator's extended-stay concept. The complete hotel complex comprises 151 hotel apartments and studios, which are operated by a reputable hotel operator.

The hotel also offers extensive facilities, such as a fitness room and a laundry/dry-cleaning service for guests. The reception is open 24 hours a day, and the site includes a parking garage that is easily accessible to hotel guests. The total plot area of the hotel, including the adjacent parking facilities, is 6,143 m².

The central location in Amstelveen, close to Schiphol and Amsterdam, makes the hotel an attractive destination for international guests and business travellers seeking comfortable accommodation options close to major transport routes and urban centres.

Market description

The hotel market in Amstelveen benefits strongly from its proximity to Amsterdam and Schiphol Airport. Due to the restrictive hotel policy and limited space for new developments in Amsterdam, demand is increasingly shifting to surrounding municipalities such as Amstelveen, where there is still room for growth. This strategic location makes the city attractive to both business travellers and tourists, and supports structurally high occupancy rates.

Through to 2025, the Dutch hotel market has continued its post-pandemic recovery. In the Amsterdam region, occupancy rates have returned to or above pre-2020 levels, partly driven by the strong recovery of international tourism and business travel. Passenger growth at Schiphol, which welcomed nearly 69 million passengers in 2025, further reinforces this demand development.

The combination of high demand and a limited supply of new hotel rooms in Amsterdam continues to put pressure on the hotel market in and around the capital. As a result, demand for hotel accommodation in Amstelveen remains high, resulting in stable operations and an attractive investment climate for hotel projects.

End user

The hotel property has been operated since 2018 by Adagio, part of the Borealis Hotel Group. Adagio has a long-term lease agreement running until 2043, ensuring stable and predictable income. Adagio focuses on offering "extended stay" hotels, which are popular among both business travellers and tourists seeking flexibility and comfort.

The Borealis Hotel Group is a fast-growing European hotel chain that develops, owns, operates and manages various types of hotels. Its portfolio includes focused-service, full-service and extended-stay hotels such as Adagio. The group was founded in 1997 and has since built up a strong position in the hospitality sector.

Headquartered in Amsterdam and backed by institutional investors, Borealis operates throughout Europe. Its focus on strategic locations and efficient operations ensures stable occupancy rates and growth across various markets.

Underlying organisation

The loan is provided to project owner Hals 17 B.V. for the refinancing of the property. This loan will be used to repay the current bank loan and to partially release the surplus value. This surplus value will be used by the initiator to expand its real estate portfolio.

The initiator has owned the properties in question for a considerable time and has a proven track record of successfully managing and operating a diversified real estate portfolio in the Amsterdam region. The extensive real estate portfolio, carefully built up over the past decades, consists of both residential and commercial real estate. This provides a solid and diversified asset base.

The total surplus value across the initiator's overall portfolio is substantial, underlining the organization's financial stability. To date, the financing of this portfolio has predominantly taken place via bank loans. Through this strategy, a robust financial structure has been built up, with a proven track record in real estate operations and management.

The initiator is also involved as a shareholder in the following propositions financed by Crowdrealestate: Hotel Westerpark, Verbindingstraat, Kantoorunits Amsterdam, Eerste Constantijn Huygensstraat, Aparthotel Amstelveen (ground floor), Aparthotel Amstelveen (seventh floor), Willem Marktkanaal, Willem Saksenbrug, Microhotel Amsterdam, Aparthotel Amstelveen (second floor), Willem de Zwijgerlaan, Amstelveen & Ouderkerk, Hoogstraat Abcoude, Amsterdam Overtoom, Amstelland, Koninginneweg Amsterdam and Leidsekruisstraat Amsterdam. As a result, a cluster risk may exist. A detailed overview of the risk factors is set out in the Key Investment Information Sheet (KIIS) - Part C.

Supplementary files

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EBi - Kronenburg II	Download

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