Beautiful Plants For Your Interior
Senior Secured Notes
for
Sustainable Heritage Proporties
in
Northern Italy
What is TRESN?
TRESN (TarCasso Real Estate Secured Notes) is a tokenized fixed-income program that finances the acquisition and sustainable renovation of heritage properties in Friuli–Venezia Giulia.
Each property is financed via a single-asset secured note (TRESN‑0x) with a first-ranking Italian mortgage, disciplined covenants, and transparent reporting.
Investors seeking diversification can contribute their notes to the TRESNP pool token at NAV.
Vision & Strategy
The TRESN program was born from a simple idea: to combine sustainable mediterranian lifestyle, Italian architectural beauty, and real estate-backed fixed income. Based in Friuli-Venezia Giulia, the program renovates old villas and homes using modern, green technologies.
These assets are managed responsibly, often used for B&B or medium-term rentals, and are situated in high-demand lifestyle locations between the Alps and Adriatic Sea. Our principles:
- Sustainability-first: pellet/solar, insulation, water efficiency.
- Place-based: Alps–Adriatic corridor for multi-season demand.
- Operational resilience: medium stays + curated B&B hospitality.
- Investor clarity: senior security, DSRA reserves, reporting.
We restore beauty with prudence — aligning fixed income with real, sustainable upgrades.
How it Works
Under the TRESN Program, we acquire and renovate heritage real estate in Northern Italy using a structured, sustainability-focused investment model.
Every TRESN program project follows the same four-phase approach outlined below:
- Acquire & Assess: Identify character properties in Friuli with upgrade potential.
- Secure & Tokenize: Finance each asset with a senior secured note (TRESN‑0x) backed by a first-ranking Italian mortgage.
- Upgrade & Operate: Execute sustainability retrofits (pellet/solar, insulation) and stabilize rental operations.
- Report & Distribute: Quarterly dashboards, coupon payments, covenant monitoring, and DSRA maintenance.
The TRESN Pool Token
TRESNP is an optional pool token for diversified exposure and potential liquidity. Holders may contribute their TRESN‑0x notes at NAV to mint TRESNP; redemptions are processed at NAV per the dealing policy.
This maintains the clarity of single-asset security while offering an aggregated investment option.
- NAV-based mint & burn: Issue/redeem TRESNP against contributed notes.
- Valuation rules: Clean price + accrued, with conservative liquidity haircuts.
- Distribution policy: Income distributed or accumulated, disclosed in advance.
- Roadmap: Eligibility for DLT venue listing as the pool matures.
Key Terms — Quick Explainers
A fixed-income instrument issued for a single property (TRESN‑0x), secured by a first-ranking Italian mortgage, share pledge, and rent assignment. Holders receive scheduled coupons and have priority in the cash waterfall.
A first-ranking ipoteca (mortgage) registered on the property’s land registry. It gives noteholders a perfected security interest and a clear legal path to enforcement if needed.
The Debt Service Reserve Account is a ring‑fenced reserve (typically 6–9 months of interest) set aside at issuance to ensure coupon payments continue even if rental income is temporarily delayed.
Quarterly dashboards covering occupancy, NOI, DSCR, and covenant status, plus annual audited financials and 24‑month valuation refreshes or on trigger — giving investors consistent, decision‑useful updates.
TRESNP Pool Token — Key Concepts
The Net Asset Value of the TRESNP pool is calculated based on the clean price of contributed TRESN‑0x notes, plus accrued interest and any excess cash, minus fair reserves and haircut buffers. NAV is updated regularly and governs mint/burn pricing.
Investors can mint TRESNP by contributing eligible TRESN‑0x notes at NAV. To burn, holders submit a redemption request and receive a pro-rata allocation of pool assets or equivalent value, subject to dealing policies and liquidity rules.
The TRESNP pool contains multiple tokenized real estate notes (TRESN‑0x), spreading risk across properties, operators, and occupancy profiles. This improves stability and investor optionality.
As the pool matures and meets scale, governance, and compliance thresholds, TRESNP may become eligible for listing on regulated DLT trading venues, expanding investor access and secondary market liquidity potential.
Pilot Project: Villa Cassacco (TRESN‑01)
Our first project, Villa Cassacco, is a historic home located just 100 meters from the Alpe Adria cycle path. Purchased and now undergoing staged renovations, this property serves as the proof of concept for the TRESN model.
- Target LTV: 60% (*)
- Fixed Coupon: 7.5% p.a.
- Upside: Optional sale-proceeds kicker & NOI-over-hurdle
- Security: First mortgage, DSRA reserve, and receivables pledge
(*) The Loan-to-Value (LTV) ratio shows how much debt is used relative to the value of the property.
For example, an LTV of 60% means that if Villa Cassacco is valued at €500,000, the secured note (TRESN‑01) would raise no more than €300,000 in funding. The remaining equity buffer protects investors and reduces downside risk.
Sustainability Focus
Every renovation under TRESN aims to improve the energy profile and material longevity of the property. We focus on:
- Replacing old gas systems with pellet or solar heating
- Upgrading insulation, windows, and water systems
- Reusing original materials and preserving heritage value
- Creating spaces that support longevity, comfort, and slow living
Compliance & Risk Management
The TRESN program is structured with full regulatory respect under European frameworks. Security tokens (TRESN-0x and TRESNP) are offered only to eligible investors under prospectus exemptions. Transfers are whitelisted. Assets are secured by notarized mortgages, and cash flows are managed through structured waterfalls and debt service reserves.
Join the TRESN Movement
Real estate is not just about returns — it’s about roots. TRESN offers you the chance to be part of a place-based, sustainability-first real estate program rooted in Italian culture, longevity, and slow finance. Start with TRESN‑01 (Villa Cassacco) or follow the expansion into our broader portfolio.