Bricks Commercial real estate Financé

Ce projet est clôturé. L'analyse ci-dessous reflète les informations disponibles au moment de la souscription et n'a pas été mise à jour.

Hôtel Paris Panthéon

Average

score / 100

Yield

9%/yr

Duration

12 months

Min. ticket

10 €

Amount raised

4.7 M€

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À propos

Acquisition and valuation of an independent building of ~530 m² located 2 ter rue des Chantiers, Paris 5th (Panthéon/Sorbonne quarter), by operator HOLD SAM / SAM ONE PROMOTION led by Jérémy Aliouane. The strategy consists in acquiring the asset at €4 350 000 (claimed discount versus market), securing a change of use towards hotel/para-hotel activity (DP prior declaration tacit authorisation obtained June 2026), then reselling to a specialist operator or investor. Simple bullet obligation over 12 months, repayment principally from resale at €6 500 000.

Plateforme · 19.0/25

A1 · Statut réglementaire 8.0/8✓ max

agrément AMF licence in valid force, fonds propres-2023-8 licence
Maximum applicable score

A2 · Track Record 5.0/6bon

Default 0% → 6/6
Delay 5.38% (threshold 5-15%) → 4.5/6
Net return 7.78% vs 10% announced, gap 2.22pp below lower bound → 1.5/6
Weighted score: (6×0.5)+(4.5×0.3)+(1.5×0.2)=4.65 → rounded 5

A3 · Rigueur de sélection 2.0/4

Selection process not detailed publicly, selection rate not published
Implicit mention of a process via agrément AMF licence
Score 2/4

A4 · Santé financière 2.0/4

Independent platform in strong growth (141M€, no.1 FR 2025)
Forced stoppage 7 months (Dec 2022-Jul 2023) and registre ORIAS deletion resolved
No identified institutional shareholder
Viability confirmed but regulatory history weighs
Score 2/4

A5 · Protection investisseurs 2.0/3

agrément AMF licenced → mandatory reflection period 4 days + Capsens continuity plan documented → 1 pt
Segregated accounts legally mandatory under agrément AMF → 1 pt
Secondary market not mentioned → 0 pt

Projet · 33.0/75 (38.0 brut, red flags −5)

B1 · Instrument & Structure 8.0/10bon

B1.1: 5/5 - Simple obligation fixed rate French law

B1.2: 2/3 - HOLD SAM société dédiée (SPV) dedicated, but discordant SIREN (operative note 914907001 vs contract 988627246)

B1.3: 1/2 - No known senior debt, de facto priority ranking not registered

B2 · Opérateur & Track record 6.0/15faible

B2.1: 4/4 - Jérémy Aliouane appointed, identifiable manager

B2.2: 1/5 - First documented RE-COM operation, no track record delivered

B2.3: 0/3 - No history on Bricks or other platform

B2.4: 1/3 - HOLD SAM company capital €100, financial statements not communicated, operator financial situation not verifiable

B3 · Garanties & Sûretés 8.0/15

B3.1: 6/9 - Trust over HOLD SAM securities plus joint and several personal guarantee under private deed (not notarised)

B3.2: 1/4 - Aliouane personal guarantee, assets not documented, HOLD SAM capital €100

B3.3: 0/2 - No banking partner identified on project >€2M

B4 · Structure financière 9.0/15

B4.1: 3/5 - Loan-to-Value (ratio prêt/valeur actif) ~72% (4 697K/6 500K target resale), range 70-80%

B4.2: 0/4 - Equity contribution €450K on total cost €5 147K, i.e. ~8.7%, <10%

B4.3: 2/4 - 26% CR margin absorbs moderate stress; no formalised stress test but Loan-to-Value (ratio prêt/valeur actif) <75%

B4.4: 2/2 - Target IRR ~26% on CR, >12%

B5 · Pré-commercialisation 2.0/10faible

RE-COM: no lease or LOI signed; hotel authorisation obtained tacitly but no operator/purchaser committed
Positive valuation study (€6-8.7M) and strong market
Score 2/10

B6 · Permis & Maturité 2.0/5faible

Prior declaration (DP) obtained tacitly June 2026, change of use secured
Acquisition not yet completed as at date (funds to be raised)
Score 2/5

B7 · Marché & Localisation 3.0/3✓ max

Paris 5th, Panthéon sector: prime intramuros market, RevPAR €203 (+3.45% YoY), occupancy 82%, IDF hotel transactions €1.9Bn (2025)
Exit price €6.5M (€12 200/m²) below renovated residential benchmarks (€15-20K/m²)
Score adjusted thanks to live data: rising market, conservative exit price

⚠ Alertes détectées · −5 pts déduits

Pas de financement bancaire −5 pts

No banking partner identified on €4 697 000 project (>€2M) - 100% crowd+equity financing

Points forts

✓Prime location Paris 5th, Panthéon sector, rare large-format asset

✓Hotel authorisation obtained tacitly, change of use secured

✓Forecast margin 26% of construction cost, significant acquisition discount

✓Paris hotel market in strong growth (RevPAR +3.45%, occupancy 82%)

✓Trust over securities of issuing company plus escrow 8 months interest

Risques identifiés

!HOLD SAM share capital €100, financial statements not provided, operator financial strength not verifiable

!No documented RE-COM operation delivered by Jérémy Aliouane

!Acquisition not yet completed, 100% crowd+equity financing with no bank

!SIREN discrepancy between documents (988627246 vs 914907001) to be verified

!Joint and several personal guarantee under private deed only (not notarised), assets not declared

⚠ Avertissement sur les risques

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