Grosvenor Americas (Grosvenor), part of the Grosvenor Group, one of the largest privately-owned international property companies, today announced the firm’s Structured Development Finance team committed a loan of $17.5M for Dividend Homes’ Maravilla, a development of 55 townhomes in Mountain View, CA.
Maravilla continues the progression of Grosvenor’s Structured Development Finance program which launched in 2015. The program is invested in several residential projects across Northern and Southern California, including Intracorp’s Amplifi, a 290-unit rental project located in Fullerton, and three other townhome projects developed by Intracorp in Irvine.
Since inception, Grosvenor’s Structured Development Finance Program has invested more than US $480M in over 70 projects and is active in Washington, D.C., San Francisco, Los Angeles, Seattle and Vancouver. It provides flexible financing to residential and mixed-use developers, with a focus on vibrant, well-connected locations.
Maravilla will be developed by Dividend Homes, a boutique residential developer known for delivering high-quality homes in carefully planned and thoughtfully designed neighborhoods across California. Construction on the 55 townhomes will commence this month and delivery is slated for July 2021.
Situated in the heart of Silicon Valley, 10 miles north of San Jose and 35 miles south of San Francisco, Maravilla is conveniently located just one mile from the Google corporate headquarters and other notable technology companies nearby include Amazon, Facebook, and Apple.
Mountain View provides easy access to major interstates and local freeways including state route 101, and the Caltrain commuter rail connects commuters and travelers to the transit route from San Francisco to San Jose.
“We are excited to be investing with Dividend Homes, a highly experienced home builder with a fantastic track record across the Bay Area,” said Mark Darley, Senior Vice-President, Co-Investment at Grosvenor Americas. “Maravilla aligns well with our strategy of investing in well-located residential projects with reputable developers that share a mutual commitment to quality and integrity.”
“Grosvenor Americas’ financial stability and extensive property experience across North America is a great benefit to our team,” said Josh Vrotsos, Director of Acquisitions at Dividend Homes. “We pride ourselves on creating value and long-term enjoyment for our homeowners and these values are just as important to Grosvenor. We are eager to start development and sales at Maravilla which will contribute to our joint success.”
About Grosvenor Americas:
Grosvenor Americas is an active developer, investor and co-investor across Canada and the USA. Our strategy is to invest in vibrant urban locations where our activities can make a positive contribution to neighbourhoods and communities.
Our value-add investment programme, core portfolio and development pipeline focus on projects and properties in urban, transit-oriented and/or amenity-rich neighbourhoods. Our development projects include Crescent in San Francisco and The Pacific in downtown Vancouver, as well as Central in Washington DC. Our Structured Development Finance programme invests in apartment, condominium, town home and mixed-use developments across our active markets, with a focus on vibrant, well-connected locations.
Grosvenor Americas is part of the Grosvenor Group, one of the largest privately-owned international property companies which develops, manages and invests in property in more than 60 cities around the world.
As at 31 December 2018, Grosvenor Americas had assets under management of US $3.8bn.